Colombia’s state-run oil company, Ecopetrol, has applied for a permit to launch the country’s first hydraulic fracturing project, targeting unconventional resources in Magdalena Medio, central Colombia.
According to CEO Felipe Bayon, the company filed a permit request with the country’s environmental agency and upon approval, the project could start in 2019. He didn’t say, however, when the permit was submitted nor when a decision was expected by, Kallanish Energy notes.
The Magdalena Medio deposits, which lie across the La Luna and Tablazo geological formations, could hold between 2 billion and 7 billion barrels of oil, Bayon estimated last week. Such potential, yet to be determined, could double or even triple the country’s oil reserves, he said.
“It’s a larger area than Barrancabermeja and it can be 150 kilometers long on one side and 60 kilometers on the other, and includes not only part of Santander department, but also seven other areas where we have identified potential,” Bayon added. “Unconventional deposits are an alternative to find the hydrocarbons needed by refineries and for the country to have self-sufficiency and energy security.”
The utilization of fracking techniques would be highly monitored and done in a responsible and environmental manner, the CEO said. He noted to accelerate the pilot plans, the licensing process needs to move forward, but it’s also important to expand the dialogue and talks with communities regarding the “myths” around fracking.
