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Ecopetrol hits oil with exploratory well

BOGOTA , Colombia -- Ecopetrol S.A. reports that the exploratory well Tibirita-1A, located in the municipality of San Martin, Meta province, Colombia, has shown the presence of hydrocarbons.

Initial testing at the well indicated a hydrocarbon column of 50 ft. Testing also indicated an average daily production of 580 bbl of crude oil of 11.3° API and 1% water cut, by means of an artificial lifting system of progressive cavity pump.

Drilling of the well began the first week of February and ended on the 14th of the month, reaching a depth of 8,608 ft through rock of the Eocene geological period.

The Tibirita discovery on Caño Sur Western block, coupled with the Trasgo discovery in August of 2011, as well as other finds in neighboring blocks CPO-10 and CPO-11, have helped strengthen Ecopetrol´s position in the development of heavy crude in this area of the country where last year the Caño Sur Este block was declared commercially viable.

The Caño Sur Exploration and Production contract was signed by Ecopetrol and the National Hydrocarbons Agency on June 20, 2005.

Based on the results obtained, Ecopetrol will continue the evaluation and scale activities of the Tibirita discovery.

04/01/2014

 

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