Bogota, Colombia (UPI) Apr 26, 2011
Colombia is seeing the outlook for its energy sector improve with progress on two fronts -- new oil finds and higher production from existing wells.
Ecopetrol President Javier Gutierrez said the company, the largest integrated hydrocarbons company in the country, would aim to be producing at least 1.45 million barrels per day of oil equivalent by 2013.
Rising oil prices have given fresh incentives to petroleum prospecting worldwide despite warnings that more expensive oil and oil gas could spell further trouble for global economic recovery.
Last year Colombia embarked on an aggressive campaign to attract more investment and industry expertise into its unexplored and under-exploited oil resources.
With economic growth set to continue through this year the government expects domestic oil demand to continue rising and also wants to reduce dependence on refining abroad.
Colombia depends on Mexican Gulf Coast refiners to buy and refine most of its heavy, sulfur-laden crude and it ranks 10th among the exporters of oil to the United States. It shipped an average of 365,000 barrels per day to the United States last year.
Ecopetrol said results of tests on a new oil well in the south of the country showed encouraging assessments.
The 7,371-foot deep Nunda-1 well in the Tello municipality of the department of Huila was first drilled on Jan. 27. Initial tests had a flow of 318 barrels of fluid a day, 71 percent of which was water, corresponding to an average of 92 barrels per day of crude oil, the company said in a news release.
The well was drilled as part of an exploration and exploitation agreement signed between Ecopetrol and the National Hydrocarbons Agency dating to 2006. Ecopetrol has 100 percent participation in the project.
Ecopetrol will begin evaluating the discovery to determine its commercial viability. Company officials quoted in Colombian news media said they were confident about the outcome of the tests.
Colombia already producing a little less than 1 million barrels a day so the goal of producing 1.45 million barrels a day in two years is not overoptimistic, industry analysts said.
Colombian oil production in March reached 884,000 barrels per day, up 15 percent from the same month in 2010.
Ecopetrol and its associates extracted 786,000 barrels per day, while the contracts administered by the National Hydrocarbon Agency ANH exceeded 98,000 barrels per day, Ecopetrol said in a news release. On average Colombia has produced 860,000 barrels of crude oil daily so far in the first quarter of 2011.
"The discovery opens up a new era for Ecopetrol by branching out to new types of exploration activities involving stratigraphic traps (those in which hydrocarbons accumulate due to variations in the deposit environment) in the Valle Superior del Magdalena and helps increase reserve inventories in this area of the country," the company said in a statement.
Ecopetrol, Colombia´s largest integrated oil and natural gas company responsible for 60 percent of total production, is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America.
Ecopetrol is also involved in exploration and production activities in Brazil, Peru and the U.S. Gulf Coast, and owns the main refineries in Colombia. The company also owns most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.
Share This Article With Planet Earth
Powering The World in the 21st Century at Energy-Daily.com
China lends Turkmenistan 4 billion dollars for gas field
Ashgabat, Turkmenistan (AFP) April 26, 2011
Energy hungry China has given Turkmenistan a loan of $4.1 billion (three billion euros) to develop a gas field and boost exports, the state gas company Turkmengaz said Tuesday. "The China Development Bank has given Turkmenistan a credit of 4.1 billion dollars," Turkmengaz chief executive officer Amanaly Khanalyev said at a ceremony to sign the loan agreement. The money would be used "to ... read more
Majority of European firms fail on carbon reporting: study|
NASA Releases Scorecard On Energy And Sustainability Goals
Coal miners cold on Australia carbon tax
Nonprofits Awarded For Energy Efficiency And Water Conservation
Outside View: Gas prices and blame game
China lends Turkmenistan 4 billion dollars for gas field
Scientists Focus on Light Ions for Fast Ignition of Fusion Fuels
Research Contracts Awarded For Renewable Biogas Processing And Carbon Capture
Better understanding turbine wakes
Google, Japanese invest $500 million in wind farm
Manitoba wind farm comes online
Alstom Announces Commercial Operation Of First North American Wind Farms
Solar power goes viral
Chevron Starts Operations Of 1MW CPV Solar Field
Solar Lighting Consortium Hopes to Develop Universal Specifications
Photovoltaic Systems Boost the Sales Price of California Homes
Advancing the Debate Over Nuclear Waste Storage Locations
German nuclear exit could be costly
Japan farmers rally against nuclear plant company
World marks Chernobyl under shadow of Japan
Walki Biomass Cover: Improves Drying Process And Energy Content Of Energy Wood
Learn To Run A Biorefinery In A Virtual Control Room
Sugarcane Cools Climate
B3C Fuel Solutions Expands Efforts To Promote Ethanol Education
Asia's star ever brighter in space
What Future for Chang'e-2
China setting up new rocket production base
China's Tiangong-1 To Be Launched By Modified Long March II-F Rocket
Europe prays for Easter rain in worst drought for a century
Leaf Characteristics Improves Accuracy Measuring Past Climates
Swiss face one of worst droughts on record
Top US court considers major climate change case
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement|