Ecopetrol to drill 17 wells in H2, aiming for ‘profitable growth’ 🔓

After achieving financial soundness and discipline, it’s time for Ecopetrol to concentrate its efforts on profitable growth, company CEO Juan Echeverry said during the company’s Q2 results conference call Wednesday.

“Over the past two years we have embarked on a profound transformation and, as a result, have achieved financial soundness with ratios that are among the highest in the global industrial rankings,” said the executive.

To obtain his goals, Echeverry plans to increase Ecopetrol’s exploratory activities, develop improved recovery pilots and infill projects, explore opportunities in unconventionals and advance opportunities for inorganic growth.

By year-end, Ecopetrol aims to drill 17 wells. It intends to acquire 2D and 3D seismic, become an offshore operator and grow internationally through strategic alliances. The H2’s exploratory campaign with focus more on the Colombian offshore, drilling 10 wells.

Year-to-date, the company had an 80% success rate on five exploratory wells and is determined to become a “Pan-American” firm, with operations in the Gulf of Mexico, Mexico, Colombia, Brazil and Peru, Kallanish Energy notes.

The group’s total Q2 oil and gas production was 717,000 barrels of oil-equivalent per day (MMBOE/d) – a 3.1% increase from 695,000 BOE/d in Q2 2016.