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/EDITORS: THIS IS THE CORRECT VERSION OF BP'S RELEASE/

 /EDITORS: THIS IS THE CORRECT VERSION OF BP'S RELEASE/
 BP GIVES ESTIMATE OF COLOMBIAN RESERVES
 LONDON, Oct. 29 /PRNewswire/ -- The British Petroleum Company p.l.c. announced today that its appraisal of the Cusiana field in Colombia was progressing faster than expected. Reserves estimated from drilling results to date were already up to 1.5 billion barrels of oil and condensate, with additional large volumes of gas.
 But the company said the full extent of Cusiana would not be evident until wells were completed and tested early next year and the limits of the field's boundaries were firmly established by subsequent drilling.
 BP said it had also discovered a second, separate field at Cupiagua, 15 kilometers to the north and in the same license block, which was around a third the size of Cusiana.
 Both Cusiana and Cupiagua are on a geological trend which is believed to extend northwards into the separate 5,000-square kilometer Piedemonte license area in which BP has a 100 percent interest and where it is currently drilling an exploration well, Pauto 2.
 The Cusiana estimate is based on data from three wells already completed - one of which, Buenos Aires-1, is now undergoing a long-term production test at a rate of about 10,000 barrels a day - and from six appraisal wells currently at, or approaching, target depth.
 Three of these, Cusiana-3, Cusiana-4 and Buenos Aires-3, have already entered pay zones. The other three, Buenos Aires-2, Cusiana-5 and Rio Chitamena, are expected to penetrate the reservoir over the next six weeks.
 The assessment of Cupiagua is based on seismic analysis and the results of Cupiagua-1 which recently reached the pay zone at some 12,400 feet after seven months of operation and is currently drilling the reservoir section. A further four wells to appraise the discovery are planned for 1993.
 BP said it expected to apply for the Cusiana field to be declared commercial by around mid-1993, at which point Ecopetrol would acquire a 50 percent stake under the terms of the association contracts between BP and its partners, Total and Triton, and the Colombian Government.
 BP Group Chief Executive David Simon described Cusiana as the outcome of a successful partnership between the national and private sectors of the oil industry. He said, "We and our partners are working closely with Ecopetrol and the Colombian authorities to achieve full- scale production as smoothly and quickly as possible."
 BP Exploration Chief Executive John Browne said that plans for developing Cusiana and for upgrading existing export pipelines were being drawn up by the partners and Ecopetrol, leading to production of up to 150,000 barrels a day by the end of 1995.
 He said that BP would be adding 225 million barrels to its booked reserves at the end of the year in respect of its 15.2 percent net share of Cusiana. Its share of the Cupiagua reserves would be booked at the end of 1993 once appraisal was complete.
 Browne said that a preliminary economic evaluation of the Cusiana field indicated a development cost per barrel which compared favorably with costs for similar major onshore oil provinces elsewhere in the world.
 -0- 10/29/92
 /CONTACT: Roddy Kennedy (London), 011-44-71-496-4624; or Tom Koch (Cleveland), 216-586-6511; both of BP/ CO: BP ST: Ohio IN: OIL SU:


KK -- CL012 -- 6475 10/29/92 10:13 EST
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Publication:PR Newswire
Date:Oct 29, 1992
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