Ecopetrol, Repsol make hydrocarbon discovery in Colombia

(Reuters) – Colombian majority-state-owned oil company Ecopetrol and Spanish energy business Repsol have discovered hydrocarbons at the Tinamu-1 exploration well in Colombia’s Meta province, the companies said on Monday.

The well is located in the CPO-9 block, in which Ecopetrol (ECO.CN) holds a 55% stake and serves as the operator, while Repsol (REP.MC) holds the remaining 45%, the companies said in a statement.

“Ecopetrol and Repsol are committed to continue looking for new reserves of oil and gas to guarantee energy security for Colombians. The discovery at Tinamu-1 is one more step towards achieving that goal,” Ecopetrol Chief Executive Ricardo Roa said in the statement.

Initial testing of the well saw production of 7,329 barrels of oil, the statement said, with a water cut of 1%.

The companies will present a plan to evaluate the well to Colombia’s National Hydrocarbons Agency (ANH), after which extensive testing will begin to determine the size and potential of the new discovery, they said.

Colombia’s proven oil reserves as of Dec. 31 stood at 7.5 years-worth of consumption, while gas reserves stood at 7.2 years of consumption, according to the government.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by

Up ↑

%d bloggers like this: