Ecopetrol will beat its 2025 drilling target and may even best the output target, says executive

Rafael Guzman said that Colombia's state energy company Ecopetrol will likely exceed its goal of drilling ten oil wells in 2025 by 20% to 40%.

It has been reported that the company drilled six successful wells during the first half of this year.

Guzman said on the sidelines the Acipet Energy Conference in Barranquilla, a Caribbean city. "I think we'll do more than 10 (wells), and I think that it could be between 20% and 40% more," Guzman said.

Ecopetrol’s daily production, which is 751,000 barrels per day (bpd), is just a little bit above the upper limit of the company’s target of 750,000 bpd by 2025.

He said, "We are on track to reach our target of between 740,000 and 750,000 barrels." "We have had some production problems in this area, but we've mostly overcome them and shown our potential."

Ecopetrol hopes to also find partners within the next 18-months to operate five oilfields, Guzman said, explaining that the company had been allowing partners with capital to invest under production sharing agreements.

These agreements, like the one with Canada, are a good example.

Parex Resources

Ecopetrol will not have to invest any money upfront.

We have received multiple offers. There is interest from companies that offer these schemes. Guzman explained that it's an opportunity to renovate and develop some of the fields we already have.

Guzman said that Ecopetrol hopes to replace all of its oil reserves by the end of this year. This means that it will add a barrel for every barrel it produces. Reporting by Nelson Bocanegra, Barranquilla. Writing by Julia Symmes-Cobb Editing by Margueritachoy

(source: Reuters)