State-controlled oil giant Petrobras said it found oil in a well in the upper basin of the Magdalena River in Colombia's Tolima province.

Reserves have been confirmed at the Guando SW 1 well, which has a depth of 1,576 meters (5,167 feet), Petrobras said in a statement.

Initial tests confirmed that the crude has a quality of 23.9 degrees on the American Petroleum Institute, or API, scale and the well has the potential to produce 500 barrels per day (bpd) of crude, Petrobras said.

The work being done at the Guando well is part of the project at the Boqueron block, which is operated by Petrobras and is in the production stage, the oil company said. EFE