CEPSA began exploration in Colombia in 2000. At present it has holdings in 19 Exploration and Production (E&P) projects in the Los Llanos Basin and in the Upper Magdalena River Valley, 12 of which are operated by CEPSA.

In the Upper Magdalena Valley, the Espinal Block, in which CEPSA has a 15% stake, is currently in operation. Over the last year total production from this field amounted to 3.17 million barrels, of which 402,243 correspond to CEPSA’s stake. In the North Cañada field CEPSA has a 16.7% holding. Its average daily output attributed to CEPSA over the last year has been 98,512 barrels per day.

In the Los Llanos Basin we operate the Caracara block after acquiring 70% of the exploitation rights. In 2010 13 production wells were drilled and improvement work was performed on the fluid treatment facilities. The result of the geological studies carried out in Caracara was the recognition of 5.0 million barrels in crude oil reserves, CEPSA being entitled to 3.2 million barrels of this total.

In 2010, in this same basin, CEPSA and Petrobras announced the discovery of oil in the Balay-1 well. Another discovery was made in the Garibay block in which CEPSA is the operator with a 50% holding. Extensive tests are currently under way to determine their commercial viability.

Over the last year total production from this field amounted to 7.4 million barrels, of which 4.7 corresponds to CEPSA’s stake.