Ecopetrol announces commerciality in two oil fields in Santander

  • The Flamencos and Boranda findings highlight the potential for resources in the Magdalena Medio region.

Ecopetrol informs that it will begin commercial-scale hydrocarbon extraction activities at the Flamencos and Boranda discoveries, both located in Santander, in the Magdalena Medio and Boranda Agreements, respectively.

Flamencos (100% Ecopetrol) is located in the municipality of Puerto Wilches and produces hydrocarbons in the sands of the La Paz Formation, at a depth of approximately 2,400 meters.

Commerciality was declared on the Flamencos 1 well, which produced 25,400 barrels of light oil (30 ° API) in extensive tests, with cut-off as of August 24, 2021. To date, two boundary wells have been drilled and are still under evaluation to determine the extent of the field.

Meanwhile, in Boranda about 309,000 barrels of 22-24 ° API oil have been produced with the Boranda 1, 2st and 3 wells. In this field, located in the municipality of Rionegro, Santander, Ecopetrol has a 50% stake and the operation is in charge of Parex, which owns the other 50%.

Initially, resources associated with the Esmeraldas Formation (La Paz) will be commercially extracted, at an approximate depth of 3,800 meters. Additionally, drilling activities are being carried out to finalize the delimitation of the field and incorporate additional resources associated with the Lisama Formation.

These activities will allow the extraction of hydrocarbons on a commercial scale in both fields and highlight the potential of hydrocarbon resources that continues to be present in this region of Magdalena Medio, which has been vital for the development of Ecopetrol.

"Both fields are leveraged on the Near Field Exploration strategy that allows for commercial production in a short time," said Elsa Jaimes, Vice President of Exploration at Ecopetrol.

Bogotá, October 11, 2021

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