Ecopetrol Says It Found Oil In Putumayo

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Ecopetrol, Colombia's state-run oil producer, said that it has proven the presence of hydrocarbons at the exploratory well Tinkhana-1 located in the western region of Colombia known as Putumayo. The company owns a 100% interest in the well. Drilling commenced in November at depths of over 6,800 feet, the company said.

Ecopetrol (EC) said the Tinkhana-1 Well produced 140 barrels of oil per day during initial testing. Ecopetrol will continue running tests on the Caballos formation in the weeks to come. A following evaluation will be used to determine the well's size and production potential, the company said in a statement.

The Putumayo discovery is just several miles northeast of the Quriyana field where Ecopetrol found evidence of hydrocarbons in 2009. Ecopetrol said that production and transportation infrastructure are already in place in the region, allowing for the possibility of faster production.

In 2010, Ecopetrol announced seven new oil discoveries, six of which were in Colombia. The company also operates in Brazil, Peru and the U.S. section of the Gulf of Mexico. Colombia is South America's third-largest oil producer behind Venezuela and Brazil.