Brazilian firm announces oil find in Colombia

Rio de Janeiro, March 12 : Brazilian state-controlled energy giant Petrobras has said that it discovered oil at a block in eastern Colombia.

In a statement issued Thursday, Petrobras said the find was made at the Balay-1 well, part of the Balay block in the central-eastern province of Casanare.

Petrobras Colombia Limited is the operator of the block with a 45 percent stake, while the other consortium members are Colombia's Cepcolsa, with 30 percent; Canada's Petroamerica Oil Corp 15 percent and Sorgenia E and P Colombia, 10 percent.

Petrobras produces an average of 2.5 million barrels of oil and natural gas per day at its fields in Brazil and abroad.

Shares of Petrobras, an integrated energy company and a global leader in deepwater oil exploration and production, trade on the Sao Paulo, New York, Madrid and Buenos Aires stock exchanges, but the Brazilian government retains control through a golden share.