Announcing the first crude oil discovery in a 100%-owned well since the beginning of 2013, Colombian oil driller Ecopetrol (NYSE:EC) yesterday reported initial tests yielded an average crude oil production of 202 barrels of oil per day.
The Pastinaca 1 is an exploratory well located within the municipality of Puerto Lopez , Meta Province, Colombia, and is part of the CPO-10 exploration and production agreement signed by Ecopetrol and the National Hydrocarbons Agency on Dec. 18.
The test proving the existence of hydrocarbons used an electro-submersible artificial lift and yielded 11.7 degrees API (heavy crude) and a water cut of 80%, according to the company. With accumulated production to date of more than 1,448 barrels of oil, Ecopetrol plans to continue its exploratory activities on block CPO-10 in the months to come.
Ecopetrol is one of the 50 largest oil companies in the world.