Ecopetrol Reports Discovery on the United States Gulf Coast
October 27, 2011 at 09:25 AM EDT
BOGOTA, Colombia, Oct. 27, 2011 /PRNewswire/ -- Ecopetrol (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) announces a hydrocarbon discovery in the Logan 1 well, located in the U.S Gulf Coast. Ecopetrol's subsidiary Ecopetrol America Inc. has a 20% interest.
The Logan 1 well was drilled by the Discoverer Americas and operations were completed on October 22nd of 2011. The well discovered hydrocarbons and evaluations are ongoing to assess volumes and commerciality. The well is located in the Walker Ridge 969 block.
The U.S Gulf Coast, one of the regions with the most oil hydrocarbon potential in the World is one of the focus areas of Ecopetrol's international exploration strategy. Ecopetrol America Inc. has an interest in a total of 112 blocks in this region, in partnership with companies such as Shell, ENI, BP, Statoil, Repsol and Anadarko, among others.
"Ecopetrol is very satisfied to announce the first discovery in the deep waters of the U.S. Gulf Coast, carried out in association with top-level companies with experience in these types of operations throughout the world. This is a milestone in our internationalization strategy, which we initiated some years ago to diversify our exploration portfolio. Our U.S. subsidiary is in the process of establishing a solid position in the U.S. Gulf Coast with stakes in more than one hundred blocks," stated Javier Gutierrez, Ecopetrol's CEO.
Ecopetrol is the largest company in Colombia and a firm integrated into the petroleum chain, ranked among the 40 largest petroleum companies in the world, and one of the four principal petroleum companies in Latin America. In addition to Colombia, where it generates more than 60% of domestic production, it has a presence in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol is the owner of the largest refinery in Colombia, the largest part of the network of oil pipelines and multi-use pipelines in the country, and it is significantly increasing its involvement in biofuels.
This press release contains statements concerning business prospects, estimates of operating and financial results, and assertions concerning Ecopetrol's prospects for growth. These are all projections, and as such, they are based solely on the expectations of management with respect to the future of the company and its continuing access to capital to finance the company's business plan. The fulfillment of such estimates in the future depends on the behavior of the market, regulations, competition, and the performance of the Colombian economy and industry, among other factors; therefore, these projections are subject to change without prior notice.
For more information, please contact:
Director of Investor Relations
Media Relations (Colombia)
SOURCE Ecopetrol S.A.