Ecopetrol (NYSE: ECP) announced an oil discovery in its CPO-09 block, in the municipality of Guamal (Meta). The NOC has a 55% stake in the project and its partner, Talisman Colombia Oil & Gas, (Repsol) has the remaining working interest.
The president of the National Hydrocarbons Agency (ANH), Orlando Velandia, announced the companies that qualified in the Sinú San Jacinto (SSJ) process. This officially places Colombia within the current wave of Latin American auctions.
The Colombian oil sector continues to look for alternatives to guarantee energy self-sufficiency in the long term. Hydraulic fracturing (fracking) is positioned as the main option, but it is not free from controversy. Ecpetrol’s (NYSE:EC) CEO, Felipe Bayón, spoke on this topic.
Oil prices have stabilized allowing the reactivation of investments, but these are low compared to prior years’ levels. However, the government has a plan to encourage more exploration investments, taking advantage of a better price environment.