Colombia's Ecopetrol: Oil Discovered At Well In State Of Meta
06 7월 2011 - 8:43AM
Dow Jones News
Colombia's state-controlled energy firm Ecopetrol SA (EC,
ECOPETROL.BO, ECP.T) said Tuesday an exploratory well in the
central state of Meta has yielded oil that, while small in initial
size, helps prove the area's potential.
The oil was found at the Fauna-1 well, making it the latest of
four wells in the Cano Sur block in Colombia's Llanos Orientales,
or Eastern Plains, that have been said to be successful.
After drilling 3,300 feet below the surface at the Fauna-1 well,
Ecopetrol said it found heavy crude flowing at a rate of about 132
barrels per day. "In initial tests the well produced 695 barrels,"
it said in a statement
Ecopetrol is the owner and operator of the Cano Sur block, a
611,000-hectare (1.5 million acre) area considered one of the
company's best new prospect regions as it seeks to continue
increasing production.
"The company believes the results obtained from this block and
from others in the area confirm the importance of the Llanos
Orientales for Ecopetrol's growth strategy, and for achieving the
goals proposed by the company in the coming years, which include
reaching one million barrels in equivalent [daily] production in
2015," Ecopetrol said in the statement.
Last week, the company said it was producing a record 753,000
barrels of oil equivalent per day as of late June, up from a
610,000 barrel-a-day average in 2010.
In addition to new finds, the company expects to raise output by
improving the extraction rates at existing fields and from the 51%
stake in the Colombian operations of BP PLC (BP, BP.LN) that
Ecopetrol and Canadian oil company Talisman Energy Inc. (TLM,
TLM.T) purchased recently.
Still, analysts have questioned whether Ecopetrol's
1-million-barrel-a-day target can realistically be reached without
some giant new discovery.
"There is still an aching suspicion locally that they need to
hit an elephant discovery (or 2) in order to make that [1 million
barrel a day] target," Celfin Capital analysts in Medellin said
last week.
Ecopetrol is involved in production and exploration projects in
the U.S. Gulf Coast, Brazil and Peru, where in 2010 it was awarded
the rights to several exploration blocks. The company has earmarked
$8.5 billion in capital investment for 2011.
-By Dan Molinski, Dow Jones Newswires; 57-310-867-6542;
dan.molinski@dowjones.com
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