Ecopetrol
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The discovery in Putumayo could benefit from nearby existing infrastructure.
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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.
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The deepwater find will now be delineated to verify size.
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The new agreement will see the partnership jointly invest in four deepwater projects.
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The latest ruling reverses a lower court decision to block the Ecopetrol and ExxonMobil programs in the Andean nation.
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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.
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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.