Colombia's state oil company Ecopetrol (NYSE: EC) aims to be producing 26,000b/d from unconventional oil resources by 2015, the company's head of international business Edgar Hernández said at the BNamericas Andean Energy Summit in Bogotá.
Hernández added that Ecopetrol is looking to form agreements with companies with experience developing shale resources in the US and Canada.
According to the executive, the company is currently working on a stratigraphic well targeting shale resources in the middle Magdalena basin. The firm expects unconventional oil production to reach 35,000b/d by 2020, the equivalent of 2.5% of total planned production.
As well as oil, the firm will also concentrate on unconventional gas production. Ecopetrol estimates that shale resources, located mainly in the Catatumbo and Magdalena basins, could yield as much as 31Tf3 (877Bm3) of recoverable gas.
The firm also plans to target the development of coal mine and coalbed methane resources.
Development of unconventional resources will be financed through Ecopetrol's US$80bn 2020 strategic growth program. Over half of this investment will be poured into hydrocarbons production.
BNAmericas.
BNAmericas.
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