Ecopetrol deciding on Pacific EOR

biometric-technology17 July 2014, News Wires – Colombia’s state oil company Ecopetrol will decide next week on whether to adopt Pacific Rubiales’ STAR technology to extract heavy crude more efficiently, Mines and Energy Minister Amylkar Acosta said on Wednesday according to a report.

The verdict had been expected after a general meeting late on Tuesday but several members of Ecopetrol’s board were traveling and unable to assist, Acosta told Reuters.

The board will meet again early on 23 July, he said.

Canadian oil company Pacific Rubiales has said that pilot tests of its STAR technology to extract heavy crude have been successful and proposed that its Colombian partner Ecopetrol adopted the technology.

STAR, which stands for Synchronized Thermal Additional Recovery, is designed to increase the recovery of crude by heating the oil inside the well, bolstering output.

The technology is considered secondary because it seeks to extract oil that primary extraction was unable to recover from the wells.

Ecopetrol will decide whether to use STAR at the Quifa oil field in Meta province which is owned by the two companies.

The recovery rate through 31 October last year came in between 27.6% and 29.1%, Pacific Rubiales said on Tuesday.

Pacific shares fell in Bogota trading on Tuesday on rumors that Ecopetrol will reject the technology, analysts said. On Wednesday the share price rose 2.4% to 34,300 pesos.

– Upstream
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