The Colombian government on Thursday confirmed a 500-million-barrel reserve in the Pacific Rubiales oil camp, which is five times the previous estimate of 100 million barrels.
Mining and Energy Minister Hernan Martinez said the newly-found 400 million barrels of crude oil was the most important discovery in a decade in the country.
Colombia discovered a new oil field in the center of the country with a possible oil reserve of 100 million barrels last September.
"Oil production in this camp will rise to 120,000 barrels per day later this year," Martinez said, adding that output could further rise to 170,000 barrels per day next year due to the discovery.
Investors, including the Colombian Oil Company, could help modernize oil production facilities in the oil camp and facilitate oil transportation, he said.
The operators of the Rubiales camp are working at improving the methods of second extraction of the oil, he added.
The Pacific Rubiales camp, which has an extension of 59,600 hectares, lies 465 km away from the capital city Bogota.
Colombia has 110 oil wells around the country at present, with a daily output of 660,000 barrels in June.