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Reuters. – Splashed with mud, a dozen workers enlisted in the rain a 1500 horsepower drill to drill new wells in Colombia's most profitable heavy oil production field, Ecopetrol.
] The Castilla Field Platform, located in the eastern plains, is part of Ecopetrol's planned investment plan of $ 3,500 to $ 4,000 million this year with the goal of boosting production and replenish its limited reserves.
The plan – which represents an increase of more than $ 1,000 million compared to the $ 2,200 million invested the previous year – includes the drilling of 620 new wells and the increase of its production to 725,000 barrels per day of crude oil and gas. the current 701,000 bpd.
The company is working on a more aggressive target, to increase production to 870,000 bpd by 2020.
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In this sense, the Orinoquía is considered the most valuable treasure of Ecopetrol, when last year paid more than half of the profits that he recorded in total the group of companies, which also has oil pipelines and refineries.
In this region, Castilla is the key. The field is pumping 115,000 bpd, but is expected to approach 125,000 bpd by the end of next year, said José Cotello, vice president of the company. Regional Orinoco of Ecopetrol, which includes the fields of Castilla and Chichimene
. The largest production field in the country. Castilla pumps heavy crude oil, which is normally sold at a discount to light light oil that is easier to refine.
However, at present, demand for crude oil is higher in refineries around the world. similar oil production in neighboring Venezuela, where lack of investment has pushed production to its lowest level in decades.
Ecopetrol has allocated $ 1,100 million in capital for Orinoquía, almost double the previous year, but the execution of resources will depend on the arrival of new exercises delayed by strong demand and violent protests from the community that paralyzed production in February.
Enraged by alleged violations of collective agreements by the company to hire local labor workers, protesters blocked roads, invaded fields and set fire to buildings, including a control room.
The protest generated losses of $ 100 million and delayed the start of operations in five wells
"The big question mark is the drilling part because we were unemployed for a month and some exercises that were to arrive in March and April will only happen in May, June and July, "Cotello said.
But as international oil prices return to their highest levels in three and a half years, Ecopetrol announced the reactivation of drilling campaigns in seven fields and doubled the number of drills compared to 2017, with 28 working simultaneously for the second half and 25 others in collaboration with its partners.
"We focus on production, but mainly on the incorporation of reserves," said Cotello, during a visit of
Colombia runs against the clock to increase its oil reserves , which at the end of the year 2017 stood at 5.6 years, according to estimates from the Ministry of Mines and Energy, and in the case of Ecopetrol, is 7.1 years , a few figures well below the average of nearly 12 years for the world's major oil and gas companies.
Protests, Attacks and Delays [19659003] Ecopetrol expects to accelerate investment in the second half of the year after spending only $ 405.4 million in the first quarter, because of protests that the presidential election has slowed spending.
Anti-bribery laws prohibit companies from calling public bids open to hiring during election campaigns. Ecopetrol is controlled at 88.5% by the state.
The elected president, Iván Duque, promised to support the oil industry, with a strong hand against the rebel groups that attack oil pipelines and investments in the country's refineries, controlled by Ecopetrol. He also promised tax cuts to businesses, including those in the oil sector, without giving further details.
Colombia fought to attract investment and maintain oil production, in scenarios where conflicts, protests and
The exploitation of the pipeline Caño Limón, property of Cenit, subsidiary of Ecopetrol, remained suspended for six months until last week because of 58 attacks attributed by the authorities to the army. of National Liberation (ELN).
The closure of the pipeline did not affect production or exports of the Caño Limón field, operated by Occidental Petroleum Corp. The field's crude oil is being transported through a smaller pipeline, according to sources of Ecopetrol.
"What worries me is that the issue of territorial order with the protests and dissent (guerrilla) I will stop at a moment the intention of investment, "said Jairo Lastra, investment director of Lastra Capital Management and who worked at the Ecopetrol Money Table.
Investment Expansion is a big change for a company which He was hit by the global decline in oil prices which led him in 2015 to declare losses of more than $ 1,000 million, forced him to reduce drilling and to close a field The rise in oil prices gives the company the money it needs despite the challenges.The company tripled its net profit in the first quarter to 2,661 billion pesos ($ 923.3 million). "
" The crisis is already in the rearview mirror, there is no more restriction of capital, "said Cotello.
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