Colombia’s Ecopetrol has announced a hydrocarbon discovery in its Logan 1 well in the US Gulf Coast.
Ecopetrol’s US subsidiary Ecopetrol America Inc. has a 20 per cent interest in the project, with Norway’s Statoil the operator.
The Logan 1 well is the first discovery with Ecopetrol's participation, through its US subsidiary, in one of the regions of the world with the greatest hydrocarbon potential, the company said.
Drilling of the well, which is located in the Walker Ridge 969 block, was completed on October 22. The well discovered hydrocarbons, with evaluations ongoing to assess volumes and commercial potential.
The US Gulf Coast 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 the region, in partnership with companies such as Shell, ENI, BP, Statoil, Repsol and Anadarko.
Commenting on the find, Javier Gutierrez, Ecopetrol's CEO, said: "Ecopetrol is very satisfied to announce the first discovery in the deep waters of the US 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 US subsidiary is in the process of establishing a solid position in the US Gulf Coast with stakes in more than one hundred blocks.”
Colombia’s largest petroleum company, Ecopetrol is one of the top 40 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 per cent of domestic production, Ecopetrol is engaged in exploration and production activities in Brazil, Peru and the US (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 is significantly increasing its involvement in biofuels.
