Colombian state-owned energy company Ecopetrol is set to surpass its 2025 drilling targets, with plans to exceed the goal of ten oil wells by 20–40%, reported Reuters. The company has already drilled six wells, two of which were successful, in the first half of the year.

Ecopetrol’s current production stands at 751,000 barrels of oil per day (bopd), slightly above its 2025 target of 750,000bopd. The company is actively seeking partners to manage five oilfields in the next 18 months under production-sharing agreements (PSAs), aiming to boost output and reserves without direct investment.

In the Colombian Caribbean, Ecopetrol is collaborating with Petrobras on the Sirius project, which requires 120 community authorizations. The area holds an estimated six billion cubic feet of gas, with potential investments reaching $5bn, scheduled to be operational between 2029 and 2030.

Ecopetrol aims to fully replace its oil reserves this year, ensuring each barrel produced is offset by a new addition. The company operates across Colombia and beyond, with two refineries in Barrancabermeja and Cartagena, and its subsidiary, Cenit, manages hydrocarbon transport and logistics.

Earlier this year, Ecopetrol announced plans to continue natural gas drilling in the Colombian Caribbean, despite Shell’s withdrawal from three offshore blocks. Ecopetrol’s shares are traded on both the Colombian and New York stock exchanges, with growing interest from companies in partnerships for field redevelopment.

Read more at Yahoo Finance: Colombia’s Ecopetrol to exceed 2025 drilling targets