Colombian state-controlled oil company Ecopetrol has made a confirmed oil discovery in the Middle Magdalena region in the department of Santander, the Bogotá-based firm announced today. The find was made at the Coyote-1 well in the Colombian municipality of San Vincente de Chucurí.
Ecopetrol has a 50% stake in the discovery, with Parex holding the remaining 50%. The find was made at a depth of between 2,042 meters and 2,177 meters and contains crude oil that, according to Ecopetrol, is lighter than typical heavy Colombian oil.
Extraction efforts will be aided by the the fact that the Coyote-1 well is located relatively near company operations at fields including La Cira-Infantas, Lisama, and Colorado in addition to the refinery in Barrancabermeja, which sits around 25 kilometers away.
“This new finding shows that we are on the right track in our goal of increasing reserves,” said Felipe Bayón Pardo, president of Ecopetrol. He added that the Coyote-1 well “confirms the potential of the department of Santander, in the heart of our industry, where oil production began almost a century ago.”
(Image credit: Ecopetrol)