Ecopetrol announced Tuesday it has discovered oil in Colombia’s central department of Meta.
The state-owned oil firm’s press release states that the well is just over a kilometer in depth and indicates that the region may have a strong potential for oil production.
Ecopetrol is the main operator and holds a share of 50% of the profits. The remaining 50% is owned by Shell Exploration and the production company Colombia Caño Sur.
Colombia’s government in September authorized Ecopetrol to issue bonds of up to COP1 trillion ($543 million) in the local market to funds its 2010 investment plan.
Ecopetrol is Colombia’s largest company and is ranked among the top four in Latin America with production activities in Brazil, Peru, and the Gulf of Mexico.