Connection

popular articles

U.S. Solar Production Soars, but Challenges Persist in Expanding Capacity and Supply Chains
The Future of Nord Stream Without Russia: A Reevaluation of European Gas Infrastructure
Sinopec and Aramco strengthen their alliance for the Yanbu complex expansion
Undocumented communication components discovered in Chinese inverters
The World Bank anticipates a historic drop in oil prices in 2025

Ecopetrol uses AI to improve oil exploration and production

Colombian oil company Ecopetrol will use AI to improve exploration and increase existing crude production. This initiative is part of the company's transition to greener energy sources.
  • [favorite_button]

Please share:

Colombia’s majority state-owned oil company, Ecopetrol, has announced that it will use new technologies, including artificial intelligence (AI), to improve exploration success rates and increase production from existing oil fields.

Advanced technology and artificial intelligence for oil production at Ecopetrol

The company’s new CEO, Ricardo Roa, who officially took office on Monday, said the goal was to make Ecopetrol’s oil fields “a little bit smarter” and increase crude production in different wells. He added that the use of “new technologies, with artificial intelligence, combined with data intelligence,” could increase daily production to about 1 million barrels of oil equivalent per day (boe/d). Currently, Ecopetrol produces 709,500 boe/d.

Roa also said the company would increase the recovery factor in its oil fields by at least 2%. The current recovery factor in Ecopetrol’s oil fields is about 19%, he said. In addition, the company will work to increase its exploration success rate, which is currently between 18% and 20%, although Roa did not give a specific target.

Acquisition of ISA: a responsible decision for Ecopetrol in the energy transition

This announcement comes in the context of the desire of the government of left-wing President Gustavo Petro to reduce Colombia’s dependence on oil and gas. Ecopetrol’s acquisition of a 51.4% stake in the energy conglomerate ISA was the first “responsible decision” the company made in the transition to greener, renewable energy sources, Roa said. The stake was purchased from the Colombian government for 14.2 trillion pesos ($3.1 billion) in 2021.

“When Ecopetrol acquired ISA, it acquired a different business than oil and gas,” Roa said. “This diversifies the portfolio, it decouples wealth generation from what is today Ecopetrol’s primary source, gas and oil, to generate cost-effective and profitable revenue options for the future,” he added.

The use of AI and other technologies in the petroleum industry is not new, but the growing demand for energy efficiency and the transition to greener energy sources have made it a necessity.

Register free of charge for uninterrupted access.

Publicite

Latest news

Dutch Gas Hub TTF Confirms Its Global Status in 2024
Eren and Acacia seal alliance for more than 500 MW of storage in France
Azerbaijan restarts oil exploration with ExxonMobil, BP and MOL
Brussels threatens legal action against RED III transposition laggards
Bratislava urges Brussels to cap gas transit costs

Recently published in

Azerbaijan restarts oil exploration with ExxonMobil, BP and MOL

Baku signs multiple deals with major industry players to boost exploration as oil reserves decline and ACG production slows.
Vallourec completes acquisition of Thermotite do Brasil from Mattr
French group Vallourec announces the integration of Thermotite do Brasil, enhancing its industrial capabilities in Brazil for offshore pipeline coating services.
en_1140290960540
Vallourec completes acquisition of Thermotite do Brasil from Mattr
French group Vallourec announces the integration of Thermotite do Brasil, enhancing its industrial capabilities in Brazil for offshore pipeline coating services.
en_1140290960540
US crude oil inventories fall by 4.3 million barrels
Commercial crude reserves in the United States declined more than expected, following increased refinery activity according to EIA data published on June 4.
raffinerie-768x364
US crude oil inventories fall by 4.3 million barrels
Commercial crude reserves in the United States declined more than expected, following increased refinery activity according to EIA data published on June 4.
raffinerie-768x364
TotalEnergies strengthens its position in Brazil with additional 3% stake in Lapa field
TotalEnergies has signed an agreement with Shell to increase its stake in Brazil’s offshore Lapa field to 48%, while divesting its interest in Gato do Mato.
en_1140290989540
TotalEnergies strengthens its position in Brazil with additional 3% stake in Lapa field
TotalEnergies has signed an agreement with Shell to increase its stake in Brazil’s offshore Lapa field to 48%, while divesting its interest in Gato do Mato.
en_1140290989540

SBM Offshore sells its stake in FPSO Aseng to GEPetrol

SBM Offshore has signed a divestment agreement with GEPetrol to fully withdraw from the FPSO Aseng project in Equatorial Guinea, with an operational transition phase of up to one year.
Meren Energy seeks partners for offshore blocks in Equatorial Guinea
Meren Energy has launched a partial divestment process for its EG-18 and EG-31 assets to attract new partners and reduce its exposure in Equatorial Guinea.
en_1140290966540
Meren Energy seeks partners for offshore blocks in Equatorial Guinea
Meren Energy has launched a partial divestment process for its EG-18 and EG-31 assets to attract new partners and reduce its exposure in Equatorial Guinea.
en_1140290966540
PTAS Aker Solutions secures two-year offshore maintenance contract in Brunei
The oil services joint venture extends its contract with Brunei Shell Petroleum for maintenance and upgrade operations on offshore installations in the South China Sea.
en_1140290965540
PTAS Aker Solutions secures two-year offshore maintenance contract in Brunei
The oil services joint venture extends its contract with Brunei Shell Petroleum for maintenance and upgrade operations on offshore installations in the South China Sea.
en_1140290965540
Renaissance Africa Energy finalises takeover of SPDC’s onshore assets in Nigeria
Renaissance Africa Energy confirmed to the Nigerian government the operational takeover of Shell Petroleum Development Company’s onshore assets, stating it had surpassed the 200,000 barrels per day production mark.
en_1140290956540-4
Renaissance Africa Energy finalises takeover of SPDC’s onshore assets in Nigeria
Renaissance Africa Energy confirmed to the Nigerian government the operational takeover of Shell Petroleum Development Company’s onshore assets, stating it had surpassed the 200,000 barrels per day production mark.
en_1140290956540-4

Woodside initiates 65 millions USD arbitration procedure against Senegal

Australian company Woodside Energy has filed a complaint with ICSID against Senegal, challenging a CFA40bn tax reassessment related to the offshore Sangomar oil project.
Nigeria ties tax incentives to performance to revive upstream oil sector
Nigeria introduces a tax credit capped at 20% for oil operators meeting cost reduction targets, with a focus on gas and offshore projects.
en_1140290947540-2
Nigeria ties tax incentives to performance to revive upstream oil sector
Nigeria introduces a tax credit capped at 20% for oil operators meeting cost reduction targets, with a focus on gas and offshore projects.
en_1140290947540-2
Morocco funds expert mission to revive offshore exploration
Following the withdrawal of two British companies, Morocco launches a MAD2.5mn ($270,000) expert mission to boost the appeal of its offshore oil and gas sector.
en_1140290949540-2
Morocco funds expert mission to revive offshore exploration
Following the withdrawal of two British companies, Morocco launches a MAD2.5mn ($270,000) expert mission to boost the appeal of its offshore oil and gas sector.
en_1140290949540-2
International Petroleum repurchases 89,200 shares under its NCIB programme
International Petroleum Corporation repurchased 89,200 common shares between 26 and 30 May under its buyback programme compliant with Canadian and European regulations.
en_1140290968540-3-1-768x364
International Petroleum repurchases 89,200 shares under its NCIB programme
International Petroleum Corporation repurchased 89,200 common shares between 26 and 30 May under its buyback programme compliant with Canadian and European regulations.
en_1140290968540-3-1-768x364

US oil rig count falls to lowest level since 2021

US energy companies reduced the number of active rigs for the fifth consecutive week, reaching their lowest level since November 2021, according to data published by Baker Hughes.
Sweden enforces tighter controls on Russian ships in the Baltic Sea
The Swedish government will implement new disclosure rules for foreign vessels, specifically targeting tankers linked to Russia’s hard-to-trace oil fleet.
en_1140290961540
Sweden enforces tighter controls on Russian ships in the Baltic Sea
The Swedish government will implement new disclosure rules for foreign vessels, specifically targeting tankers linked to Russia’s hard-to-trace oil fleet.
en_1140290961540
Petrobras signs two agreements in Angola to relaunch its offshore activities
Brazilian group Petrobras formalises its return to Angola with two memorandums of understanding signed with Sonangol and the national oil regulator, targeting offshore exploration without immediate financial commitment.
en_1140290956540-16
Petrobras signs two agreements in Angola to relaunch its offshore activities
Brazilian group Petrobras formalises its return to Angola with two memorandums of understanding signed with Sonangol and the national oil regulator, targeting offshore exploration without immediate financial commitment.
en_1140290956540-16
Agip secures rights over OPL 245 after key court ruling in Nigeria
The Abuja Court of Appeal rejected Malabu Oil & Gas’s lawsuit against Agip, Eni’s subsidiary, by upholding the statute of limitations on the OPL 245 oil block case.
en_1140290945540-16
Agip secures rights over OPL 245 after key court ruling in Nigeria
The Abuja Court of Appeal rejected Malabu Oil & Gas’s lawsuit against Agip, Eni’s subsidiary, by upholding the statute of limitations on the OPL 245 oil block case.
en_1140290945540-16

Galp targets 40% increase in oil production in Brazil

Portugal’s Galp expects a production surge in Brazil driven by the offshore Bacalhau field, in partnership with Sinopec, Equinor and ExxonMobil.
North Atlantic in talks to acquire Esso’s Gravenchon refinery
North Atlantic has entered exclusive negotiations to acquire the Gravenchon refinery, France’s second-largest, from ExxonMobil in a deal reshaping the industrial landscape of the Seine Valley.
en_1140290950540-16
North Atlantic in talks to acquire Esso’s Gravenchon refinery
North Atlantic has entered exclusive negotiations to acquire the Gravenchon refinery, France’s second-largest, from ExxonMobil in a deal reshaping the industrial landscape of the Seine Valley.
en_1140290950540-16
Shell strengthens position in Nigeria by acquiring TotalEnergies’ stake in Bonga
TotalEnergies sells its 12.5% stake in the offshore Bonga oil field to Shell for $510mn, raising the British group's share to 67.5% in the OML 118 block off the Nigerian coast.
en_1140290962540-11
Shell strengthens position in Nigeria by acquiring TotalEnergies’ stake in Bonga
TotalEnergies sells its 12.5% stake in the offshore Bonga oil field to Shell for $510mn, raising the British group's share to 67.5% in the OML 118 block off the Nigerian coast.
en_1140290962540-11
Chevron receives narrow U.S. authorization to retain its Venezuelan assets
The Trump administration authorizes Chevron to maintain limited stakes in Venezuela while prohibiting oil production and export, marking a decisive shift for the oil sector amid geopolitical tensions with Maduro’s government.
en_1140290950540-15
Chevron receives narrow U.S. authorization to retain its Venezuelan assets
The Trump administration authorizes Chevron to maintain limited stakes in Venezuela while prohibiting oil production and export, marking a decisive shift for the oil sector amid geopolitical tensions with Maduro’s government.
en_1140290950540-15

SK Innovation Intensifies Oil Investments with New Projects in Asia

SK Innovation, through its subsidiary SK Earthon, is accelerating investments in offshore oil exploration projects in Southeast Asia, enhancing South Korea's energy security through a regional strategy focused on operational efficiency.
The Libra consortium launches production at Mero-4 with a China-integrated FPSO
Production at the Mero-4 field began on May 24 using a 180,000 barrels/day FPSO, the result of international cooperation among six partners operating offshore Brazil.
en_1140290954540-13
The Libra consortium launches production at Mero-4 with a China-integrated FPSO
Production at the Mero-4 field began on May 24 using a 180,000 barrels/day FPSO, the result of international cooperation among six partners operating offshore Brazil.
en_1140290954540-13
Russia Challenges Adjustment to Price Cap on Its Oil Exports
As Western nations debate an adjustment to the price ceiling on Russian oil, Moscow firmly rejects these measures as market-distorting, citing a lack of significant impact on its current exports.
en_1140290953540-14
Russia Challenges Adjustment to Price Cap on Its Oil Exports
As Western nations debate an adjustment to the price ceiling on Russian oil, Moscow firmly rejects these measures as market-distorting, citing a lack of significant impact on its current exports.
en_1140290953540-14
Namibia appoints former Chevron executive to lead its oil strategy
Carlo McLeod joins the new presidential unit dedicated to hydrocarbons as Namibia centralises oil sector governance under the head of state.
en_1140290955540-14
Namibia appoints former Chevron executive to lead its oil strategy
Carlo McLeod joins the new presidential unit dedicated to hydrocarbons as Namibia centralises oil sector governance under the head of state.
en_1140290955540-14

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS