December 18, 2017 / 1:40 PM / 3 months ago

Ecopetrol, Parex make oil discovery in northeastern Colombia

BOGOTA (Reuters) - Colombia’s state-run oil company Ecopetrol said on Monday it has confirmed the presence of oil at a site in Santander province, its fourth such discovery this year, during joint explorations with Canada’s Parex Resources Inc.

The logo of Ecopetrol is pictured at its headquarters in Bogota, Colombia August 11, 2017. REUTERS/Jaime Saldarriaga

The deposit, called Coyote-1, is between 2,042 meters and 2,177 meters deep, the company said in a statement, and contains crude lighter than typical Colombian oil.

Ecopetrol and Parex have evenly split exploration in the De Mares block, the statement said. The discovery is near Ecopetrol’s La Cira-Infantas, Lisama and Colorado fields and its Barrancabermeja refinery.

“This new discovery shows that we are on the right track to our objective of increasing reserves. We are satisfied with the results of this alliance with Parex, which has underlined the potential of Santander province,” Ecopetrol chief executive Felipe Bayon said in the statement.

Ecopetrol has said it will invest between $3.5 billion and $4 billion during 2018, largely in production and exploration projects.

The company’s three other discoveries during 2017 are the nearby Boranda-1 and deep water discoveries Purple Angel-1 and Gorgon-1.

Reporting by Julia Symmes Cobb; Editing by Nick Zieminski

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