Ecopetrol strikes oil with Canadian company in Colombia

A well in the Colombian department of Santander has led to the discovery of crude oil, Ecopetrol announced today. The state-controlled oil company revealed that the find was confirmed by the Boranda-1 well in the Magdalena Middle Valley municipality of Rio Negro, at a depth of more than 3,600 meters, in four intervals of oil sands with a total thickness of 40 meters in the Esmeraldas formation.

Ecopetrol holds a 50 percent interest in the well, which is operated and 50 percent controlled by Parex Resources, a Canadian exploration and natural resources company based in Calgary.

Source: Finance Colombia