Colombia’s state-owned Ecopetrol SA has confirmed the invention of oil and gasoline at its Alqamari-2 effectively in Orito, Putumayo.
The Alqamari-2 effectively was drilled to a depth of 9,287 ft (2.8 kilometers) within the Putumayo basin, the place hydrocarbons had been discovered with a movement every day of over 1,800 barrels of oil, Ecopetrol mentioned in a information launch Thursday. The invention comprised gentle oil and gasoline reaching as much as 825,000 cubic ft per day, the discharge mentioned.
Ecopetrol’s discovery “has an ideal aggressive benefit since it’s situated in an space near fields in manufacturing and present infrastructure”, the corporate mentioned. Additional, the found sources may rapidly migrate to reserves, contributing to Colombia’s manufacturing, the corporate added.
Alqamari-2 is situated in an space of Ecopetrol’s direct operation. The corporate holds one hundred pc of the rights for the Western Space Exploitation Settlement signed with the Nationwide Hydrocarbons Company, in response to the discharge.
Carbon Offset Milestone
In a separate information launch, Ecopetrol mentioned it reached the 10-million-barrel milestone within the gross sales of carbon-compensated crude to the Asian, European, and American markets.
The compensation covers direct carbon emissions generated all through the lifecycle of Ecopetrol’s merchandise, from manufacturing to transportation. The carbon offsets had been derived from high-quality-verified local weather options initiatives, together with forest restoration, tree planting, and the conservation of the neotropical excessive mountain biome or paramos, wetlands, and savannahs, amongst different actions that focus on avoiding greenhouse gasoline emissions and rising carbon sequestration, Ecopetrol mentioned.
The amount of carbon-compensated crude traded thus far offsets roughly 379 thousand tons of carbon dioxide equal, the identical degree as decreasing emissions from deforestation of virtually 9,000 hectares of mangrove forest on the Colombian coast over 10 years, Ecopetrol mentioned.
“This milestone highlights Ecopetrol’s dedication to its TESG [technology, environment, social and governance] agenda and strengthens its place as a frontrunner within the Voluntary Carbon Market and the commercialization of Colombian crude oil worldwide”, Ecopetrol Group Business and Advertising and marketing Vice President Pedro Manrique mentioned. “We proceed our pledge to sponsor progressive options that concurrently deal with the wants of our shoppers, the worldwide local weather agenda, and the Firm’s 2040 technique.”
Ecopetrol bought 4 million barrels of carbon-compensated crude final 12 months and targets to at the least double that quantity in 2023, the corporate mentioned.
In the meantime, Ecopetrol posted a consolidated web earnings of $1.3 billion (COP 5.3 trillion) for the second quarter of 2023, a lower of 54.3 % in comparison with a consolidated web earnings of $2.8 billion (COP 11.5 trillion) for the second quarter of 2022, in response to the corporate’s newest quarterly report.
Ecopetrol’s revenues for the quarter totaled $8.5 billion (COP 34.3 trillion), down 21.8 % from $11 billion (COP 43.9 trillion) within the prior-year quarter. The corporate attributed the lower primarily to the drop within the weighted common gross sales value of crude oil, gasoline, and merchandise, as a result of decrease Brent benchmark costs and a weakening within the refined merchandise spreads versus the Brent, significantly these of gas merchandise, which had reached report quantities within the second quarter of 2022.
“By way of the market, in the course of the first half of the 12 months, a number of elements impacted the value of crude oil, together with the opportunity of a recession within the developed world, high-interest charges and banking pressures in america, and the financial slowdown in China”, Ecopetrol President Ricardo Roa Barragan mentioned within the report. “Nevertheless, our operational resilience and the methods we have now carried out to make the most of alternatives by way of market diversification and effectivity and synergy all through our operations have allowed us to efficiently face these trials.”
“By way of manufacturing, we reached a median of 728.0 mboed [thousand barrels of oil equivalent] within the quarter, a rise of 23.4 mboed in comparison with 2Q22. The contribution and incremental manufacturing within the Caño Sur and Rubiales fields in Colombia and Permian in america are price noting. This allowed us to offset the impression of the bodily safety conditions and blockades attributable to third events that occurred throughout this era. Likewise, we continued making headway in our decarbonization initiatives, recording a complete discount of 141 thousand TCO2 equal for the primary half of 2023”, Barragan added.
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