Colombia's Ecopetrol will not adopt STAR technology to boost oil output

miércoles 23 de julio de 2014 20:38 GYT

BOGOTA, July 23 (Reuters) - Colombia's state oil company Ecopetrol will not adopt Pacific Rubiales Energy Corp's STAR technology to extract heavy crude more efficiently, Ecopetrol said in a regulatory filing on Wednesday.

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.

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

Ecopetrol decided not to use STAR at the Quifa oil field in Meta province which is owned by the two companies. An Ecopetrol spokeswoman said tests did not provide the results the company wanted.

She asked that her name not be used as part of company policy.

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

Pacific Rubiales' shares fell 4.37 percent to 35,020 pesos on Wednesday, while Ecopetrol slipped 0.91 percent to 3,270 pesos. (Reporting by Carlos Vargas; Editing by Lisa Shumaker)