Ecopetrol Announces Small Colombia Discovery

Ecopetrol EC, Colombia's state-controlled oil producer, said its exploratory well Tinkhana-1 in the western area of Colombia known as Putumayo found evidence of oil during an initial test phase. The company is the sole owner of the well. The well is located just a few miles northeast of Quriyana field where Ecopetrol found oil in 2009. Drilling in Putumayo started in November at depths greater than 6,200 feet. Initial tests have shown production of 140 barrels of oil per day. 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. In 2010, Ecopetrol announced seven new oil discoveries, six of which were in Colombia. The company also does business in Brazil, Peru and the U.S. portion of the Gulf of Mexico. Colombia is South America's number three oil producer behind Venezuela and Brazil.