Orito

The Orito field (42,492 gross acres) is the largest oil discovery in southern Colombia's Putumayo basin and has extensive field infrastructure, good seismic control and connection to an underutilized export pipeline with a deep water port and loading facilities on the Pacific Coast. The field was discovered in 1963 by Texaco, commenced production in 1968, reached peak production of 82 mbbl/d in July 1970 and reverted back to Ecopetrol in 1979. Historically, Ecopetrol managed the Orito field without the capital resources required for a comprehensive program of late primary exploitation and secondary recovery. PCL acquired its interest in the Orito field in April 2001 pursuant to an IPC. Petrominerales has access to all existing infrastructure and data, while Ecopetrol partially shares (initially 21 percent) in the incremental production, above baseline production, generated by the Company's development activities during the term of the IPC. The IPC in respect of the Orito field expires in June 2023.

The recently updated reserves work of DeGolyer and McNaughton delineates 27.9 million gross working interest barrels of proved, probable and possible reserves to be developed at Orito, and the Company anticipates an additional 42 wells to be drilled. To date, the field’s three reservoirs have produced 228 million barrels of oil, or approximately 22 percent of the original oil-in-place. The Caballos reservoir has produced 188 million barrels gross, or 82 percent of the field’s total production since it was discovered in 1963.

Read more about Orito Geology.