“This is an important step in the realization of our strategy to strengthen the company and in our intention to be one of the leading gas companies in northern Colombia. For Hocol, this transaction represents the growth of its offshore operating capacities and the sources of income from a gas production asset. We remain committed to continue generating value for the country and for the environments in which we operate, as well as contributing to the supply of gas for the north of Colombia, ”said Rafael Guzmán, President and CEO of Hocol.

“We received this news with joy and we are aware that we are in the midst of a health emergency that impacts all Colombians. We have been acting with the greatest responsibility, rigorously applying the necessary protocols to safeguard the health of our workers, contractors, and communities in the area of ​​influence, and we ratify our commitment to the development of La Guajira.”

Chevron said in a statement that it will continue evaluating new opportunities for growth in Colombia. The company, through its Texaco unit continues to hold a significant downstream presence in Colombia with over 500 Texaco service stations and a broad line of Chevron, Ursa, Havoline, Delo & Texaco lubricants, fuels and additives in the auto, trucking, aviation, and industrial sectors.

Image courtesy of Hocol

“We are committed to continue generating value for the country and in the sectors we operate, such as by contributing to the supply of gas for the north coast of Colombia,” said Hocol president & CEO Rafael Guzmán. Neither company provided pricing information specific to the deal.

Chevron said in a statement that it will continue evaluating new opportunities for growth in Colombia. The company, through its Texaco unit continues to hold a significant downstream presence in Colombia with over 500 Texaco service stations and a broad line of Chevron, Ursa, Havoline, Delo & Texaco lubricants, fuels and additives in the auto, trucking, aviation, and industrial sectors.

Photo credit: Chevron

Called Istanbul-1, the Canadian firm’s well was spud on February 27 and is targeting the Jimol formation at a true vertical depth (TVD) of around 8,000 feet. Reaching the full depth is expected to take up to 25 days.

PentaNova Energy has an 80% “beneficial working interest” in the Maria Conchita block, according to the company. Other notable wells nearby include Aruchara-1, drilled by Texaco in 1980, and Tinka-1, which was drilled by Ecopetrol in 1988.

“Colombia’s most significant source of natural gas production, the 6 TCF Chuchupa field, is located approximately 50 kilometers northwest of the company’s newly spudded well,” stated PentaNova Energy in a statement.

“The Chuchupa field, discovered in 1973, a strategic energy asset for Colombia, currently produces approximately 30% of the country’s daily output,” added PentaNova Energy, “although gas production has been in decline since 2002 creating a supply problem in the face of rising gas demand.”

(Photo credit: vaazdev / Pixabay)