ECOPETROL AND GRAN TIERRA AGREE TO EXTENSION OF THE OIL PRODUCTION CONTRACT FOR 20 YEARS.

SOURCE: oil and gasEcopetrol

Ecopetrol and Gran Tierra Energy agreed to extend the Incremental Production Contract for hydrocarbons in the Suroriente block, located in the municipality of Puerto Asís, Putumayo, for 20 years.

Preparatory The new agreement allows investment in infrastructure and programs to increase the recovery factor in this block, which today reports a total production of 7,327 barrels of oil equivalent per day in the Cohembí, Quillacinga and Quinde fields. In the first three years, Gran Tierra will make an investment of USD$123 million to execute an activity plan that seeks to extend the useful life of the fields, which have a potential reserve of more than 10 million barrels of standard crude oil. (Ecopetrol estimates).

“We are making history with our ally Gran Tierra, through this new opportunity to work hand in hand, add more barrels and contribute to the territorial development of the area of influence. We have a rigorous work plan with which, we are sure, we will achieve very positive results in terms of reserves and production,” said Zaring Joemy Ocampo B., vice president (e) of Subsidiaries and Assets with Partners of Ecopetrol.

Through its associated operations throughout the country, Ecopetrol integrates technical and human capabilities that contribute to the development of sustainable and efficient activities, to deliver the hydrocarbons that Colombians need.