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Colombian subsidiary Ecopetrol finds gas in exploratory well in Colombia

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BOGOTÁ, March 16 (Reuters) – Hocol, a subsidiary of the largest energy company Ecopetrol, announced the discovery of gas in northern Colombia, where it is evaluating the level of productivity of the field, the company said on Thursday.

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The discovery was recorded in the Arrecife Norte-1 well, in the municipality of Pueblo Nuevo, near the city of Montería, the capital of the department of Córdoba.

Hocol evidenced the presence of gas in various levels of the reservoir rock associated with the Ciénaga de Oro Formation, the main producing rock of the Lower Magdalena Valley.

“The petrophysical interpretation of the electrical logs, the information acquired during the drilling of the well and the results of the initial production tests, indicate the presence of natural gas in several sandstone intervals of the formation,” Hocol said in a statement.

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The company indicated that it plans to conclude the works related to the initial test period, which will allow establishing the productivity of the deposit and its commercial viability.

“The results in this new Arrecife Norte-1 well leverage Hocol’s exploration strategy that seeks to satisfy future gas demand in the country,” Hocol president Rafael Guzmán was quoted as saying in the statement.

“Likewise, it allows us to continue advancing towards the energy transition while strengthening our growing position as a natural gas producer in northern Colombia,” he added.

Leftist President Gustavo Petro is pushing for an energy transition toward clean, renewable sources by reducing Latin America’s fourth-largest economy’s dependence on coal and oil, despite the fact that these products are a major source of export, tax and royalty revenue.

The average production of commercialized gas in 2022 reached 1,073 million cubic feet, 1.29% lower than the 1,087 million cubic feet in the previous year.

Last week, Ecopetrol president Felipe Bayón agreed with other oil industry executives that at least three offshore gas prospects could help increase the South American country’s proven reserves by more than 70% in the coming years. (Reporting by Nelson Bocanegra)

Source: Ambito

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