Colombia Offshore Hydrocarbon Discovery
Anadarko Petroleum and Ecopetrol have discovered hydrocarbon in the ultra-deepwater surrounding Colombia in the South Caribbean Sea. The discovery took place in a previously unexplored area and proves the region has high hydrocarbon potential.
Ecopetrol, Colombia’s state-owned oil company, and Anadarko Petroleum, an American oil and gas exploration company, integrated their research teams and discovered the Kronos-1 well. The Kronos-1 discovery was found at a water depth of 5,195 feet, and the well reached a total depth of 12,200 feet. The operators encountered a net pay thickness between 130 and 230 feet of gas-bearing sandstones.
Ecopetrol and Anadarko's teams are continuing to evaluate the results. The drilling operations are ongoing as both companies aim to reach deeper targets.
Colombia has sought to increase its offshore development recently, and this is its second discovery in less than a year. In December 2014, Ecopetrol discovered the Orca-1 well located in the deepwater of Tayrona Block offshore Guajira.
Colombia currently produces about one million barrels per of oil per day and the Ministry of Mines and Energy has set a goal of 1.3 million by 2020. To encourage investment, Colombia has offered tax breaks to energy companies and has allowed private firms to own 100 percent of their upstream activities.
In September, Andrew Wright, CEO of UK Colombia Trade will meet with Colombia’s National Hydrocarbons Agency and the Colombian Oil Association to strengthen bilateral ties with the nation’s growing offshore industry.
UK Colombia Trade aims to assist British service and integrate supply chain firms into the Colombian hydrocarbons market.
Said Andrew Wright in a statement: “The Orca-1 discovery opened our minds about the realistic size of opportunity for specialist UK firms in Offshore exploration and services, but with the latest Kronos find it is now clear that Colombia could host the next Latin America Offshore boom and should be on the radar of British companies already looking at Brazil and Mexico.”