Ecopetrol, Parex strike oil
Colombia 
BOGOTA, March 30, 2017 – Ecopetrol has struck oil with its Boranda-1 well, the Colombian NOC said on Thursday, further proving the potential value of the country’s mature basins.
The well was drilled to a depth of 3,657 metres in the Middle Magdalena Valley in Colombia’s Santander province. It struck oil sands in four intervals with a total thickness of 40 metres; the oil is medium crude measuring 20 API.
Ecopetrol owns 50% of the well and South America-focused US E&P company Parex, which operates the well, owns the other 50%.
The discovery is a positive sign for Colombia’s hydrocarbons industry, where both exploration and production in 2016 were down significantly from previous years and where proved and probable reserves continue to decline.
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