Ecopetrol plans nine exploratory wells in 2021
Ecopetrol expects to invest US$3.5-4 billion in 2021 based on an expected average Brent price of US$45/bbl for the year. Nearly 80% of the planned investment is allocated to projects in Colombia. The remaining 20% is expected to be spent mainly for development projects in the US and Brazil.
Some 77% of total investment is expected to be allocated to the upstream segment, with a focus on accelerating development of resources and reserves estimated at 3.7 billion boe, through exploration, drilling, and enhanced recovery. Production in 2021 is expected to reach 700,000-710,000 boe/d (expected to be comprised of 81% oil and 19% gas).
The company expects to drill nine exploratory wells, eight of which are planned in Colombia’s Llanos Orientales, Mid-Magdalena Valley, Low-Magdalena Valley, and Sinú-San Jacinto basins. Activities aimed at appraising discovered resources will continue.
Investments of US$600 million will be allocated to scale development activities in the US Permian basin in Texas. Investments for the development of initiatives related to Integral Research Pilot Projects for Unconventional Deposits (PPII) in the Mid-Magdalena Valley Basin are also expected to continue.
Downstream segment investments are expected to remain focused on ensuring reliability and sustainability of the Barrancabermeja and Cartagena refineries, as well as the development of fuel quality and wastewater management programs. Joint throughput for 2021 is estimated at 340,000-365,000 b/d.
An estimated 7% of the year’s total investment is expected to be allocated to midstream activities mostly aimed at guaranteeing the integrity and reliability of the infrastructure. Transported volumes are estimated to reach over 1 million b/d, in line with the country’s crude production expectations and the national demand for refined products.
Some US$150 million is expected to be invested in decarbonization efforts, including energy efficiency, leakage, and vent reduction projects as well as construction of the Rubiales Solar Park.
Source: Oil & Gas Journal