BOGOTA, Colombia, Sept. 12, 2011 /PRNewswire/ -- Ecopetrol is pleased to announce the initial test results of the CSE-8 ST1 exploratory well in the Puerto Gaitan jurisdiction, a municipality in the Meta Province, in areas belonging to the eastern block of the Exploration and Exploitation Cano Sur contract.
Production test to date show a stable average production of 532 barrels per day of API 13.8 grade oil, with water cut around 18.5%.
The exploratory well was designed with a deviated wellbore that allowed contact with a thicker net oil pay and a better location within the deposit. Drilling operations began on August 11, 2011 and reached an average depth of 4,594 feet in 7 days.
This new exploratory success brings to four the number of oil findings in Cano Sur Block during 2011, including Mito-1, Fauno-1 and Pinocho-1. This constitutes an important milestone in the exploration of this block, taking into account its importance for Ecopetrol's heavy crude oil growth strategy.
Results of initial tests show that this well has the highest productivity among the recently drilled wells in this region. Test were undertaken using an artificial lift system with an electric submersible pump.
This contract was signed in June 2005 with the National Hydrocarbon Agency (ANH, Agencia Nacional de Hidrocarburos). Ecopetrol is the sole operator and holder of 100% interests.
"Ecopetrol has identified a huge potential for heavy crude oil commercial production in the Llanos Basin. We are very pleased with this new discovery" said Ecopetrol's CEO Mr. Javier Gutierrez Pemberthy.
In the coming months, Ecopetrol will continue to evaluate production conditions and the performance of the deposit found, maintaining simultaneous exploratory efforts in the area of the Cano Sur Block in order to make a prompt commercial viability statement.
This new deposit is a new step towards the production goals of one million barrels of oil equivalent per day in 2015 and 1.3 million barrels of oil equivalent per day in 2020 set in our strategic plan.
Ecopetrol is the largest company in Colombia and a firm integrated into the petroleum chain, ranked among the 40 largest petroleum companies in the world, and one of the four principal petroleum companies in Latin America. In addition to Colombia, where it generates more than 60% of domestic production, it has a presence in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol has the largest refinery in Colombia, the largest part of the network of oil pipelines and multi-use pipelines in the country, and it is significantly increasing its participation in biofuels.
This press release contains statements concerning business prospects, estimates of operating and financial results, and assertions concerning Ecopetrol's prospects for growth. These are all projections, and as such, they are based solely on the expectations of management with respect to the future of the company and its continuing access to capital to finance the company's business plan. The fulfillment of such estimates in the future depends on the behavior of the market, regulations, competition, and performance of the Colombian economy and industry, among other factors; therefore, these projections are subject to change without prior notice.
For further information please contact:
Director of Investor Relations
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
SOURCE Ecopetrol S.A.