Ecopetrol Launches Fields In ‘Ronda Campos 2020’

(Energy Analytics Institute, 23.Sep.2020) — Colombia’s state oil company Ecopetrol announced launch of ‘Ronda Campos 2020’ with nine fields with aim to contribute to reactivation of the South American country’s oil sector as well as regional economies. The auction will take place in the fourth quarter of 2020.

“This round will allow other companies in the sector to access assets with production and reserve development possibilities, whose investments generate more employment and contribute to reactivation of the economic sector in the regions and the country,” Ecopetrol CEO Felipe Bayón Pardo said 23 September 2020 in an company statement. “That is why we invite the industry in general to actively participate in this process.”

The divestment comprises rotations within Ecopetrol’s portfolio and is inline with its strategy based on strict capital discipline, protecting cash, cost efficiencies and boosting profitability.

The nine fields include: three located in the Upper Magdalena Valley (Toy, Totare, and Andalucia); three located in the Middle Magdalena Valley (Tenerife, San Luis and Lebrija); and three in the Llanos (Upía, La Punta and Rancho Hermoso).

The assets offered in this round offer the possibility to quickly incorporate production and reserves while also offering development opportunities. Some of the fields also offer exploration potential.

ASSET DETAILS

The assets offer potential to incorporate 3,000 barrels per day of oil and gas production and an estimated 17 million equivalent barrels (MMboe) of 3P reserves, of which 11 MMboe are classified as proven. Additionally, some assets have opportunity to develop contingent reserves estimated at 13 MMboe and exploration potential of 35 Mmboe.

UPPER MAGDALENA VALLEY

ANDALUCIA

Area: Huila

Operator: Hocol with 100% interest

Production (gross): 86 b/d as of April 2020

Recovery Factor: 20%

OOIP: n/a

Crude quality: 33-degrees API

Brief: Potential associated with water injection and technology already proved in the area.

TOTARE

Area: Tolima

Operator: Hocol with 100% interest

Production (gross): 70 b/d as of April 2020

Recovery Factor: 8%

OOIP: n/a

Crude quality: 21-degrees API

Brief: Potential to boost production with infill drilling.

TOY

Area: Tolima

Operator: Hocol with 100% interest

Production (gross): 119 b/d as of April 2020

Recovery Factor: 10%

OOIP: n/a

Crude quality: n/a

Brief: Potential to boost recovery factor to around 17%.

MIDDLE MAGDALENA VALLEY

SAN LUIS

Area: Santander

Operator: Ecopetrol with 100% interest

Production (gross): 0 b/d as of April 2020

Recovery Factor: 2%

OOIP: n/a

Crude quality: 36-degrees API

Brief: Potential for infill drilling of a least 20 wells and three workovers.

TENERIFE

Area: Santander

Operator: Ecopetrol with 100% interest

Production (gross): 0 b/d as of April 2020

Recovery Factor: 2%

OOIP: n/a

Crude quality: 20-degrees API

Brief: Potential to boost recovery factor at 21 infill locations

LEBRIJA

Area: Cesar

Operator: Ecopetrol with 100% interest

Production (gross): 0 b/d as of April 2020

Recovery Factor: 8%

OOIP: n/a

Crude quality: 27-degrees API

Brief: Light oil production comes from forumations at depths of 5,000-6,300 feet.

LLANOS

Area: Casanare

Operator: Hocol with 100% interest

Production (gross): 536 b/d as of April 2020

Recovery Factor: n/a

OOIP: n/a

Crude quality: n/a

Brief: More than 10 exploration opportunities as well as possibility to drill and reactivate additional wells.

RANCHO HERMOSO

Area: Casanare

Operator: Canacol-Hocol with 100% interest

Production (gross): 938 b/d as of April 2020

Recovery Factor: 25%

OOIP: n/a

Crude quality: 18-36-degrees API

Brief: Exploration possibilities.

LA PUNTA

Area: Casanare

Operator: Hocol with 100% interest except in Santo Domingo, which is operated by Vetra

Production (gross): 1,225 b/d as of April 2020

Recovery Factor: 41%

OOIP: n/a

Crude quality: 35-36-degrees API

Brief: Light oil; exploration and well reactivation potential

__________

By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.