Ecopetrol finds natural gas in north-eastern Colombia
Colombian officials said 120.2 mm boe of natural gas were found in a block abandoned by US-based Occidental Petroleum
in north-eastern Colombia.
Empresa Colombiana de Petroleos (Ecopetrol) chief Isaac Yanovich told the Siriri block contains 14.9 mm barrels of
oil (12.4 %) and 105.3 mm boe (87.6 %) of natural gas.
Mines and Energy Minister Luis Ernesto Mejia told this discovery was "the tip of the iceberg" of the block located
near the border with Venezuela, and exploration would continue because "it shows promise."
Occidental Petroleum returned to Ecopetrol the field in the municipality of Toledo, in Norte de Santander province,
after the Gibraltar I well drilled in 2001 failed to show any significant amounts of oil.
Ecopetrol drilled a second well -- Gibraltar II -- in the area to confirm the presence of oil. The first well was
drilled nine years after the signing of the contract with Ecopetrol, because the local U'wa Indians opposed drilling
in an area they considered sacred grounds, resulting in protests.
Occidental Petroleum invested $ 60 mm in the first well and Ecopetrol spent $ 32.5 mm on the second.
