The exploratory well, called Alqamari-2, reached a total depth of 2.8km in the Putumayo basin. Credit: WORKSITE Ltd./ Unsplash.

Colombian oil company Ecopetrol has announced the discovery of hydrocarbons in the Orito municipality of Putumayo province.

The exploratory well, called Alqamari-2, reached a total depth of 2.8km in the Putumayo basin.

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Ecopetrol said it found oil and gas in Arena “N” of the Villeta Group, with a daily flow of more than 1,800 barrels of oil.

The oil discovered is a light hydrocarbon, with an API of 31°.

The rate of associated gas production can reach 825 thousand cubic feet per day, the majority state-owned oil company said.

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Alqamari-2 is situated in an area where Ecopetrol has direct control.

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The oil company said it holds all rights and duties for Western Area Exploitation Agreement signed with the National Hydrocarbons Agency.

Due to its proximity to active producing areas and established infrastructure, where Ecopetrol has been operational for several years, this discovery has a significant competitive advantage, it added.

This discovery marks a significant turning point in the area’s exploration, Ecopetrol said, adding that the resources could quickly be converted to reserves.

Earlier this week, Ecopetrol reported a year-on-year drop of 61%  in second-quarter 2023 net income attributable to owners of the company before impairment, due to lower oil prices.

In May this year, Ecopetrol and Repsol, a Spanish energy company, found oil and gas at the Tinamú-1 exploration well in Castilla La Nueva (Meta) municipality.

The Tinamú-1well produced a total of 7,329 barrels of 16° API heavy crude during the initial tests.