BOGOTA, Colombia, April 2, 2013 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that it has proven the presence of crude oil at Venus-2, an exploratory well located within the municipality of San Martin, Meta province.
The Venus-2 well is part of the CPO-11 block, governed by the Exploration and Production Agreement of December of 2008, between Ecopetrol and the National Hydrocarbons Agency. Ecopetrol holds a 100% interest in this block.
Initial tests carried out using an electro-submersible artificial lift, yielded an average crude oil production of 630 barrels of oil per day (BOD) of 17o API and a water cut of 39%. Ecopetrol plans to continue its exploratory activities on block CPO-11 in the coming weeks.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
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SOURCE Ecopetrol S.A.