Shale 'could quadruple Colombia's oil reserves'

The Luna shale formation could help Colombia to increase its recoverable oil reserves by up to 7 billion barrels and 10 trillion cubic feet of gas, Ecopetrol CEO Felipe Bayon said Tuesday.

"This will give our country control over our destiny," Bayon said at CERAWeek by IHS Markit in Houston. "This could be a transformational opportunity for Colombia."

The oil reserves are currently under 2 billion barrels.

Under Ecopetrol's 2019-2021 business plan, the state-led oil company will invest $500 million to develop shale pilot projects, starting with 20 test wells, Bayon said, S&P Global Platts reports.