Profile: Ecopetrol SA (EC.N)
20 Jan 2017
Ecopetrol S.A., incorporated on July 18, 2003, is an oil company. The Company operates in Colombia, Peru, Brazil and the United States Gulf Coast. The Company's segments include Exploration and Production, Transportation and Logistics, and Refining, Petrochemicals and Biofuels.
Exploration and Production
The Company's Exploration and Production segment includes exploration, development and production activities in Colombia and abroad. The Company conducts exploration and production activities through some of its subsidiaries and through joint ventures with third parties. The Company has exploration activities in the sedimentary basins in Colombia. The Company has drilled approximately three wildcat exploratory wells. The Company has working interest in the exploratory Orca-1 well located approximately 40 kilometers north of the Guajira province coast. The Company's subsidiary, Ecopetrol Brasil, executed a seismic program on Ceara basin, CE-M-715 Block. Ecopetrol Brasil established an alliance with the Japanese company JX Nippon Oil & Gas Exploration for exploration of the FZA-M-320 block, located in shallow waters off the Foz do Brasil basin, in the Equatorial rim of the Amazon.
The Company carries out development drilling in all its producing regions in Colombia. The Company has drilled approximately 539 development wells, over 209 of those through direct operations and over 330 through joint ventures. The average daily production of crude oil in Colombia by the Company (excluding its subsidiaries), is approximately 586.2 thousand barrels of oil per day (mbod). The Company's crude oil production consists of approximately 40% light and medium crudes, and over 60% heavy crudes. The Company's heavy crude oil assets are Cubarral Block located in the Orinoquia region, which includes the Castilla and Chichimene fields, and the Rubiales and Quifa fields, which produce approximately 120 mbod. The Company has over three main natural gas production fields, Guajira, Cusiana and Cupiagua.
Transportation and Logistics
The Company's Transportation and Logistics segment includes the transportation of crude oil, motor fuels, fuel oil and other refined products, including diesel and biofuels. The Company's main crude oil pipeline systems' operating capacity is approximately 1.34 million barrels per day (BPD). The Company directly or indirectly with private sector participants, owns, operates and maintains a network of crude oil and refined products pipelines connecting its own and third-party production centers, import facilities and terminals to refineries, distribution points and export facilities in Colombia. The Company's network of crude oil and multipurpose pipelines is approximately 8,990 kilometers in length. The transportation network consists of approximately 5,270 kilometers of main crude oil pipeline networks connecting various fields to the Barrancabermeja refinery and Reficar, as well as to export facilities. It also owns approximately 3,720 kilometers of multipurpose pipelines for transportation of refined products from the Barrancabermeja Refinery and from Reficar to wholesale distribution points.
The Company owns approximately 66 stations, out of which over 32 located in crude oil pipelines, approximately 30 in refined products pipelines, over two in crude oil ports and approximately two in refined product ports. The Company has a nominal storage capacity associated with the transportation network of approximately 20 million barrels of crude oil and over four million barrels of refined products. The Company also sells storage capacity to third parties in its Pozos Colorados, Tocancipa and Mansilla facilities and in the Covenas port. The Company's pipeline projects include San Fernando-Monterrey project, Costa Norte-Galan project, Magdalena Medio 100 project and OCENSA P135 project.
Refining, Petrochemicals, and Biofuels
The Company's main refineries are the Barrancabermeja refinery, which it directly owns and operates, and a refinery in the Free Trade Zone in Cartagena that is operated by Reficar S.A., a subsidiary of the Company. The Company also owns and operates two other minor refineries: Orito and Apiay. Its refineries produce a range of refined products, including gasoline, diesel, jet fuel, liquefied petroleum gas (LPG) and heavy fuel oils. At the Barrancabermeja Refinery, the Company produces a range of fuels, such as regular and unleaded gasoline, diesel fuel, kerosene, jet fuel, aviation fuel, fuel oil and sulfur. The Company also produces petrochemicals and industrial products, including paraffin waxes, lube base oils, low-density polyethylene, aromatics, asphalts, alkylates cyclohexane and aliphatic solvents, as well as refinery grade propylene. The Barrancabermeja Refinery delivers approximately 29.82 thousand barrels of oil equivalents per day (mboepd) of low sulfur gasoline and over 36.35 mboepd of low sulfur diesel. The Company owns and operates over four petrochemical plants and a paraffin and lube plant located within the Barrancabermeja Refinery. It produces approximately 44,160 tons per year of low-density polyethylene. The Company has investments in two biofuels companies: Bioenergy S.A. and Ecodiesel S.A.
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