Colombia’s state-owned oil company has found its second oil well in 2013, with initial testing promising 630 barrels of crude oil per day.
Hydrocarbons were found in the exploratory well, Venus-2, which is located in the municipality of San Martin in country’s central department of Meta. Ecopetrol holds 100% of the drilling rights in this region of Colombia, which reportedly produces 56% of the companies crude oil.
With a yearly gross revenue of about $35.6 billion, Ecopetrol is the largest oil company in Colombia and ranks 303 in the Global Fortune 500, though it’s profitability has waned recently.
In 2012, Ecopetrol’s profits fell 4.4% compared with 2011, due to slightly lower oil prices and higher costs, despite increased production.
MORE: Colombia’s Ecopetrol profits down 4.4% in 2012
“[Last year] was quite challenging for Ecopetrol. Various circumstances related to operations and the overall environment were addressed in order to attain growth and positive results for our shareholders,” chief executive Javier Gutierrez was quoted as saying by Dow Jones Newswires.
The Colombian oil company was facing crude oil prices that dropped 12.44% over the last 12 months while rebels groups like the FARC and ELN stepped up attacks on the oil industry in the first half of 2012, pressuring the company’s ability to produce oil.
MORE: Rise in FARC, ELN attacks hits wallet of Colombia’s oil, mining industries
Ecopetrol is nearly 90% owned by the government, while the rest is traded on stock markets. The company’s shares trade on the Colombian Stock Exchange and in New York.
Sources
- Ecopetrol encontrol segundo pozo petrolero del 2013 en Meta (Caracol Radio)
- Ecopetrol encontro petroleo en el Meta (El Espectador)
