Ecopetrol declares largest commercial discovery in a decade at Lorito

BOGOTA, June 25, 2025 – Ecopetrol on Tuesday announced a declaration of commerciality at its Lorito discovery, with estimated recoverable crude volumes of 250 million barrels.

The decision was formalised on June 18, 2025, before Colombia’s National Hydrocarbons Agency and marks a key step in developing the asset and incorporating reserves and production. Of the total estimated recoverable volumes, 109 million boe are certified contingent resources net to Ecopetrol as of December 31, 2024.

The discovery was made in March 2018 and confirmed the presence of extra-heavy crude between 8 and 9 API degrees. Four wells were drilled – Lorito-1, Lorito A1, Tejón-1 and Guamal Profundo-1 – with delineation concluded in October 2024. The asset enters production with two active wells yielding over 1,450 bopd.

The Lorito find is located within the CPO-9 exploration and production contract area, a significant onshore asset located in the department of Meta, within the Llanos Orientales Basin, one of the country’s most prolific hydrocarbons-producing regions.

In December 2024, Ecopetrol became the sole owner of the CPO-9 block after acquiring the remaining 45% stake from Repsol, consolidating full control over the asset. This acquisition was part of a broader move by Ecopetrol to reinforce its position in the Piedemonte Llanero region.

The declaration supports Ecopetrol’s strategy of enhancing value following its acquisition of the remaining 45% stake from former partner Repsol, making it the sole owner of the block. Proximity to existing production and transport infrastructure facilitates commercial development and synergies with nearby fields.

“This decision consolidates a strategic asset for the company in the Meta region,” Ecopetrol vice-president of exploration and production Pedro Manrique said.

For more on Ecopetrol’s exploration strategy, read our latest interview with Ricardo Roa Barragán, president and CEO of Ecopetrol Group.

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