Ecopetrol

The discovery in Putumayo could benefit from nearby existing infrastructure.

This paper presents an automated calibration process, probabilistic infill well ranking, and location optimization for a major heavy oil field in Colombia with original oil in place of more than 5 million STB.

The deepwater find will now be delineated to verify size.

The new agreement will see the partnership jointly invest in four deepwater projects.

The latest ruling reverses a lower court decision to block the Ecopetrol and ExxonMobil programs in the Andean nation.

ExxonMobil submitted a proposal to Colombian authorities to develop a hydraulic fracturing pilot project in the Magdalena Basin. Colombia wants to drastically raise its declining reserves-to-production ratio by tapping into shale.

Calgary-based Colombia producers Canacol Energy and Parex Resources led all firms by gaining three blocks each, with one more counteroffer from Parex pending review.