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January 22, 2008 |
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ECOPETROL: Says Tenax-1 Exploratory Well at 12,177 Feet Deep Colombian state-owned oil firm Ecopetrol said in a statement that its Tenax-1 exploratory well in the Huila department is already 12,177 feet deep. Business News Americas relates that the first drill stem test produced about 1,920 barrels daily of 36-degree API (American Petroleum Institute crude grading system) crude oil with no water shows from the Caballos formation of up to 12,155 feet. According to Ecopetrol's statement, natural gas was produced at a rate of 2.2 million cubic feet a day. Ecopetrol will carry out new tests on Tenax-1 over the next two months, BNamericas states. Ecopetrol is an integrated-oil company that is wholly owned by the Colombian government. The company's activities include exploration for and production of crude oil and natural gas, as well as refining, transportation, and marketing of crude oil, natural gas and refined products. Ecopetrol is Latin America's fourth-largest integrated-oil concern. Operations are organized into Exploration & Production, Refining & Marketing, Transportation, and International Commerce & Gas. Ecopetrol produced 385,000 barrels a day of oil and gas in 2006 and has 330,000 barrels a day of refining capacity, according to the company's Web site. In 2005 it produced about 60 percent of Colombia's daily output. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign and local currency issuer default ratings at 'BB+' and 'BBB-', respectively. |
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