Ecopetrol Reports on Quifa-5 Oil-Producing Well in Colombia
Ecopetrol announced that its Quifa-5 well located in the department of Meta produced surface hydrocarbons and began a phase of extensive production testing on December 6, 2008.
The well was drilled by Meta Petroleum LTD., an operator of the Quifa joint venture agreement that Meta Petroleum entered into with Ecopetrol. The well's final depth was reached in November of 2008.
The well is producing heavy oil with 13.4 degrees API at an average rate of 220 barrels of crude oil per day, according to initial tests conducted by the operator over the past few weeks.
Ecopetrol is responsible for 30% of the exploration costs being carried out jointly with Meta Petroleum, and is receiving 40% of the hydrocarbons production coming from each commercial field, after deducting royalties.
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