The presence of oil was detected at Ecopetrol SA's Búfalo-1 well in the Valle Medio del Magdalena Basin near the town of Guaduas, Department of Cundinamarca, according to a July 5 news release.

The finding recorded at a depth of 1,153 meters, showed the presence of dry gas and light crudes in the Grupo Honda. This is the first discovery in the VMM32 exploration contract.

Ecopetrol operates and owns 51% interest in the Búfalo-1 well, while partner CPVEN E&P Corp. holds the remaining 49% interest.