Gran Tierra Energy Announces Temporary Suspension of Production Operations in Its Costayaco and Juanambu Oil Fields, Colombiaadmin
Gran Tierra Energy Inc. a company focused on oil exploration and production in South America, announced that it has temporarily suspended production operations in the Costayaco and Juanambu oil fields in the Putumayo Basin of southern Colombia. Production from other assets in the Putumayo Basin, the Llanos Basin and the lower Magdalena Basin continues unimpeded.
This temporary suspension of production operations is the result of a declaration of a state of emergency and force majeure by Ecopetrol, the Colombian National Oil Company, due to a general strike in the region. The resumption of crude oil deliveries to Orito is pending resolution of the strike and evaluation of the condition of oil pipelines in the region. The Colombian government is actively working with municipality leaders to resolve the general strike as quickly and efficiently as possible. Gran Tierra Energy is in regular contact with the appropriate authorities to monitor the situation. Commenting on the circumstances, Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy, stated, “We expect successful resolution of the general strike and resumption of crude transportation shortly and remain positioned to continue our production growth from our assets in the Putumayo region.”
Appropriate safeguards have been implemented that Gran Tierra Energy believes will ensure the safety and security of the company’s assets and employees. This suspension of production operations has had no impact on drilling operations. Costayaco-6 was drilled and completed prior to the strike, with testing operations remaining on the schedule for December. Costayaco-7 is not scheduled to begin drilling until completion of the drilling location which is now scheduled for late December.