The oil company Ecopetrol has discovered new crude oil reserves in north central Colombia.
Colombia’s state-run oil company, Ecopetrol, confirmed the discovery of a new oil field located in the department of Santander, in central northern Colombia on Wednesday.
#ECP Confirmamos descubrimiento en el Magdalena Medio. Vean toda la información en http://t.co/m4wRraI2mm
— Ecopetrol (@ECOPETROL_SA) May 14, 2014
The discovery was made in the “Aullador-2 ST1” well, which forms part of Playon block. It should achieve production of 765 barrels of oil per day in natural flow, the company said.
This well, located in the town of Sabana de Torres in the department of Santander is an extension of a well drilled in 2012 which currently produces 305 barrels of oil per day.
Ecopetrol is the biggest company in Colombia and one of the biggest oil companies in the world. In 2013 the company contributed over $17 billion to government revenues.
MORE: Ecopetrol represented $17B in 2013 Colombia government revenue
Such discoveries of further oil supplies are important to Colombia’s economy as the country’s oil supplies are predicted to run out within the next seven years, unless new discoveries are not made.
Sources
- Nuevo pozo confirma descubrimiento en el Magdalena Medio (Ecopetrol Boletines 2014)
