The discovery of extra-heavy crude in the Lorito block, located in the department of Meta, has just been declared commercially viable by Ecopetrol. The Colombian state-owned company confirmed that this asset enters a new phase that will allow it to increase its production capacity and reserves, consolidating its energy self-sufficiency strategy.
Development of the Lorito block after Repsol’s exit
During a press conference, Ecopetrol’s president, Ricardo Roa, informed that Lorito contains approximately 2,145 million barrels of oil in place. It is estimated that 250 million barrels could be extracted, of which 109 million barrels are already certified as contingent resources attributable to Ecopetrol. This figure is equivalent to Colombia’s crude oil reserves for one year.
The area is part of the Exploration and Production contract for Block CPO-9. Ecopetrol acquired the 45% interest held by Repsol, following a US$452 million transaction in February. Currently, all production from the block belongs to Ecopetrol, which has activated two wells that exceed 1,450 barrels per day.
The company explained that the oil present in Lorito is between eight and nine degrees API, a characteristic that requires specialized technologies for its extraction. The declaration of commerciality represents a key step in the transition from the exploratory phase to active development.
Ecopetrol notified the National Hydrocarbons Agency(ANH) of the discovery on June 18. The discovery, initially made in 2018, included the drilling of four wells: Lorito-1, Lorito A1, Tejón-1 and Guamal Profundo-1. With this declaration, the company reaffirms its investment plan in traditional assets to guarantee the country’s energy supply.
With full ownership of Block CPO-9, Ecopetrol strengthens its portfolio in the center of the country. This strategic decision strengthens its position in the regional oil industry and allows it to transform resources into proven reserves.
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Source and photo: Ecopetrol
