Colombia’s Ecopetrol to exceed 2025 drilling targets

Colombian state-owned energy company Ecopetrol is on track to surpass its 2025 drilling targets, with plans to exceed the target of ten oil wells by 20–40%, reported Reuters.

Ecopetrol hydrocarbons vice-president Rafael Guzman said that the company has already drilled six wells in the first half of the year, two of which were successful.

Ecopetrol's current production stands at 751,000 barrels of oil per day (bopd), slightly above its 2025 target of 750,000bopd.

The company is actively seeking partners to manage five oilfields in the next 18 months under production-sharing agreements (PSAs).

The partnerships, such as a recent $268m (C$369.96m) agreement with Canada’s Parex Resources, aim to boost output and reserves without requiring direct investment from Ecopetrol, said the news agency.

In the Colombian Caribbean, Ecopetrol is collaborating with Petrobras on the Sirius project, which requires 120 community authorisations.

The area holds an estimated six billion cubic feet of gas, with potential investments reaching $5bn.

This project is scheduled to be operational between 2029 and 2030, although prolonged consultations could delay this timeline.

Ecopetrol aims to fully replace its oil reserves this year, ensuring that each barrel produced is offset by a new addition.

Guzman, on the sidelines of the Acipet energy conference, told Reuters: “I think we will do more than the planned ten, I think it could be 20–40% more than that figure.

“It is going really well to meet our goal, which is between 740,000 barrels and 750,000 barrels. We have had some difficulties in the area that have limited production, but we have mostly overcome and shown the potential.

“We have had multiple offers; there is interest in companies with these schemes. It is a way to rehabilitate and redevelop some fields that we have.”

Ecopetrol operates across Colombia and beyond, with two refineries in Barrancabermeja and Cartagena.

Its subsidiary, Cenit, manages hydrocarbon transport and logistics and owns several ports and pipelines.

Ecopetrol’s shares are traded on both the Colombian and New York stock exchanges.

Earlier this year, Ecopetrol reportedly announced plans to continue natural gas drilling in the Colombian Caribbean, despite Shell's withdrawal from three offshore blocks.

"Colombia’s Ecopetrol to exceed 2025 drilling targets " was originally created and published by Offshore Technology, a GlobalData owned brand.

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