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Reuters: Ecopetrol seeks license to starts fracking tests in Colombia

Published 10/29/2018, 02:46 PM
© Reuters.  Reuters: Ecopetrol seeks license to starts fracking tests in Colombia
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  • Ecopetrol (EC -0.6%) says it has requested an environmental license to launch a pilot plan to explore for crude oil from unconventional deposits using fracking technology, which could triple Colombia’s proven reserves.
  • If the permit is granted, the pilot would begin in the coming months in Magdalena Medio, an area where the La Luna and Tablazo geological formations converge and which could contain 2B-7B barrels of oil, CEO Felipe Bayon tells Reuters; Colombia currently has 1.78B barrels of proven reserves of crude.
  • The country has not carried out oil exploration or exploitation activities with fracking, but Colombian Pres. Duque has said he favors the technique.
  • Now read: Jones Energy: Burdened By Over Billion In Debt


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