Announcing the first crude oil discovery in a 100%-owned well since the beginning of 2013, Colombian oil driller Ecopetrol yesterday reported initial tests yielded an average crude oil production of 202 barrels of oil per day.
The Pastinaca 1 is an exploratory well located within the municipality of Puerto Lopez , Meta Province, Colombia, and is part of the CPO-10 exploration and production agreement signed by Ecopetrol and the National Hydrocarbons Agency on Dec. 18.
The test proving the existence of hydrocarbons used an electro-submersible artificial lift and yielded 11.7 degrees API (heavy crude) and a water cut of 80%, according to the company. With accumulated production to date of more than 1,448 barrels of oil, Ecopetrol plans to continue its exploratory activities on block CPO-10 in the months to come.
Ecopetrol is one of the 50 largest oil companies in the world.
The article Ecopetrol Announces Colombian Crude Oil Discovery originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.