- Ecopetrol (NYSE:EC) will focus exploration efforts in the next few years on unconventional deposits in central and northern Colombia in an attempt to increase reserves, CEO Juan Carlos Echeverry tells Reuters.
- Unconventional exploration will be carried out in the Magdalena Medio, an area in Colombia where the La Luna and Tablazo geological formations converge and could contain 30B barrels of new oil, according to Echeverry.
- After the U.S. and Argentina's Vaca Muerta shale play, "our non-conventional play seems to be the most substantial in terms of oil in the Western Hemisphere," Echeverry says.
- The search for unconventional deposits, in which companies like Occidental Petroleum (NYSE:OXY) and Royal Dutch Shell (LON:RDSa) (RDS.A, RDS.B) are interested, should be the most important project of the next decade for Colombia as it would raise reserves and create thousands of jobs, the CEO says.
- Now read: Ecopetrol S.A. 2017 Q2 - Results - Earnings Call Slides
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