Ecopetrol Makes Major Discovery at Gibraltar Prospect

Ecopetrol has made a major discovery on its Gibraltar prospect. It is estimated that the discovery holds approximately 200 million barrels of very high quality crude. Exploration began last November on the Gibraltar 1 well. Ecopetrol President Isaac Yanovich said that this is the largest find in Ecopetrol’s history. It's an extremely high-quality product. We're talking very, very very high quality.

Occidental Petroleum formally terminated their contract on this concession last May after spending a decade searching for oil and coming up dry.

Ecopetrol has not ruled out tapping a foreign oil firm as a contractor to start commercial production. "It's a zone that not many companies are familiar with. It's a zone where few have experience and we're in the process of evaluating what is the optimal way to develop and put these wells into production," Yanovich said.