Ecopetrol announces deepwater gas discovery in Colombia

Rhea-AI Summary

Ecopetrol has announced the discovery of a significant natural gas accumulation in the Uchuva-1 exploratory well located in the Tayrona Block, Colombia. The well, drilled in deep waters, involves Petrobras as the operator (44.4% stake) and Ecopetrol (55.6% stake). This discovery aligns with Ecopetrol's 2040 energy transition strategy and enhances prospects for new exploration in the northern Caribbean region. The company plans to validate the gas accumulation's dimensions to further develop this find.

Positive

• Discovery of a significant natural gas accumulation in the Uchuva-1 well.
• Enhanced prospects for exploration and production in the northern Colombian Caribbean.
• Alignment with Ecopetrol's 2040 energy transition strategy.

Negative

• None.

BOGOTA, Colombia, July 29, 2022 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces the discovery of a natural gas accumulation in the Uchuva-1 exploratory well in the Tayrona Block, drilled in Colombian deep waters, in which Petrobras acts as operator with a 44.4% stake and Ecopetrol with a 55.6% stake.

This gas discovery is aligned with Ecopetrol's 2040 energy transition strategy and increases the prospects for developing a new exploration and production frontier in the northern Colombian Caribbean.

The contractor will continue the activities in the Tayrona Block with the objective of validating the dimensions of the new gas accumulation.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 18,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This press release contains business prospect statements, operating and financial result estimates, and statements related to Ecopetrol's growth prospects. These are all projections and, as such, they are based solely on the expectations of the managers regarding the future of the company and their continued access to capital to finance the company's business plan. The realization of said estimates in the future depends on the behavior of market conditions, regulations, competition, and the performance of the Colombian economy and the industry, among other factors, and are consequently subject to change without prior notice.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.

For more information, please contact:

Head of Capital Markets
Tatiana Uribe Benninghoff
Email: investors@ecopetrol.com.co

Head of Corporate Communications
Mauricio Téllez
Email: mauricio.tellez@ecopetrol.com.co

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SOURCE Ecopetrol S.A.

FAQ

What significant discovery did Ecopetrol announce on July 29, 2022?

Ecopetrol announced the discovery of a natural gas accumulation in the Uchuva-1 exploratory well.

What is Ecopetrol's stake in the Uchuva-1 well?

Ecopetrol has a 55.6% stake in the Uchuva-1 well.

How does the gas discovery impact Ecopetrol's strategy?

The discovery aligns with Ecopetrol's 2040 energy transition strategy.

Who operates the Uchuva-1 well?

Petrobras operates the Uchuva-1 well with a 44.4% stake.

What is the future plan for the Tayrona Block after the gas discovery?

Ecopetrol plans to validate the dimensions of the new gas accumulation in the Tayrona Block.