Petroamerica Oil Corp. (Toronto Venture: PTA.V), a junior oil and gas company operating in Colombia is pleased to announce the start of drilling on its El Porton Block in the Llanos Basin of Colombia. The Curiara-1 well was spud by partner and operator, Cepsa Colombia S.A., on February 14, 2013 . The well is targeting the Mirador and Une formations, some of which produce in adjacent fields. The well is expected to be drilled to a total depth of approximately 16,000 feet (measured depth) and is expected to take 90 days to drill and complete.
Petroamerica, based in Calgary, Alberta, holds a 25% working interest in the El Porton Block.
BP and partners have sanctioned the Azeri Central East (ACE) project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oilfield complex in the Azerbaijan sector of the Caspian Sea.
Exxon Mobil Corp. and offshore Guyana partners continue their success with their 13th discovery on the Stabroek Block and fifth discovery in the Turbot area.
The rig count fell for the past four months and production growth in the Permian Basin and other key shale basins have slowed as oil prices fell and many independent shale companies cut spending.