Profile: Ecopetrol SA (EC.N)

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ECOPETROL S.A. (Ecopetrol), incorporated in 1921, is engaged in the development of Colombia or abroad, of commercial or industrial activities corresponding to or related with exploration, production, refining, transportation, storage, distribution, and selling of hydrocarbons, their by-products and associated products, and of subsidiary operations, connected or complementary to these activities in accordance with applicable regulations. The Company divides its operations into four business segments: exploration and production, transportation, refining, and marketing and supply. In January 2011, it incorporated a holding company, Ecopetrol Global Capital SL. In January 2011, the Company announced the acquisition of BP Exploration Company (Colombia) Limited. On January 24, 2011, the Company acquired BP Exploration Company Colombia Limited, in which Ecopetrol held a 51% holding and Talisman held the remaining 49%. The Company’s subsidiaries include Hocol S.A, Propilco S.A., Comai Ltd., Bioenergy S.A., Bioenergy Zona Franca S.A.S. and Homcol Cayman Inc.

Hocol S.A is an oil exploration and production company that operates in the fields of the Upper Magdalena Valley basin and the Llanos region. During the year ended December 31, 2010, it had 17 operated contracts, equivalent to 22,000 square kilometers. Hocol produced approximately 27 thousand barrels of oil per day, before deducting royalties. Most of the production comes from the Ocelote and Palermo Fields, which are located in the Departments of Huila and Meta, respectively. Nine exploratory wells were drilled, none of which showed any evidence of containing hydrocarbons. In 2010, two exploratory wells were drilled: one in the Espiritu Santo Basin and one in the Campos Basin. Offshore International Group Inc. has 11 blocks in the country (one in production and 10 in exploration). In 2010, 16 development wells and one exploratory well were drilled. The company’s production, before deducting royalties, amounted to 15 thousand barrels of oil per day in 2010. In addition, the refinery carried on with the task to provide refined products to the northern region of the country as well as international markets, with sales of 30.3 million barrels of refined products and bottoms.

During 2010, a total of 19 wells were drilled, five of them, in Colombia, Rio Zulia West 3, Quifa 6, Oripaya-1, Akacias-1, Tinkhana-1 yielded the presence of hydrocarbons. The Company produced 615.900 billion barrels of oil equivalent in 2010. In 2010, 15,961 equivalent kilometers of seismic were recorded, 4,815 kilometers of which were acquired in Colombia (concentrated particularly in the offshore region in the Colombian Caribbean, the Oriental Planes and the Middle Magdalena Valley) and 11,146 kilometers overseas. As related to domestic seismic data, as an operator, Ecopetrol acquired 1965 kilometers, in addition to 2850 as a non-operator. In international seismic data, 11,146 kilometers were acquired, 10,024 kilometers, of which were acquired in the Gulf of Mexico, 764 kilometers in Brazil, and 358 kilometers in Peru. In 2010, Ecopetrol drilled 19 exploratory wells; 13 are national wells, and six are international.

Four of the 13 exploratory A-3 wells drilled in Colombia were classified as producers (Rio Zulia West-3; Quifa-6; Oripaya-1 and Akacias-1) and two more (Tinkhana-1 and Ambar-1) were pending evaluation to establish the presence of hydrocarbon accumulations. During 2010, there were five exploratory wells in execution: Rumbero 1, Rio Zulia West 4, Kaxan Norte-1, Puertos-1, Nunda-1 and the stratigraphic well Ambar 3. As of December 2010, the stratigraphic wells that showed presence of hydrocarbons were Draco-1X, Mago-1X, Quifa 24X, Quifa 26X, Quifa 22X, QUIFA 20X. At an international level, the Itauna well in Brazil also reported presence of hydrocarbons.

In 2010, 365 million barrels of oil equivalent were added to the proven reserves and net production was 189 million barrels of oil equivalent, with which 1.93 barrels were incorporated in the category of proven reserves for each barrel of oil equivalent produced. Thus 2010 was a record year for drilling development 780 A-3 wells, 191, of which were in direct operation and 589 in associated operations. In 2010, Ecopetrol took over the operation of the Teca Field, which is a part of the Cocorna Association Contract. In 2010, 1.035 MBOD were transported on average, corresponding to 264.9 KBOD of refined products and 770.9 thousand barrels of oil per day of crude. In addition 80 kilometers of a total of 134 kilometers of the Andean Multipurpose Pipeline were constructed.

As of January 1, 2010, it began to distribute clean diesel fuel with 50 parts per million of sulfur for Bogota and the Mass Transportation Systems throughout the country. In addition, as of July 1, 2010, it began to distribute diesel fuel with 50 parts per million of sulfur in Medellin and the Metropolitan Area of the Valle de Aburra.

Company Address

Ecopetrol SA

Cr 13 No. 36 - 24
Edificio Principal
P: +571.2344000
F: +571.2344099

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