Energy: Colombia
Ecopetrol, Colombia’s state-controlled oil company that trades on the New York Stock Exchange under the ticker EC, spent two years drilling a deep gas well that reportedly found nothing it can sell. La República, a Bogotá business daily, put the cost at nearly US$85 million in a report on Wednesday 11 November 2026.
Key Facts
—Well. Floreña N-18, near Yopal in Casanare province, Colombia; no partner is named.
—Cost. Estimated at nearly US$85 million; Ecopetrol has not confirmed the figure.
—Depth. Planned depth 18,500 feet (about 5.6 km), drilled from 16 June 2024 to May 2026.
—Result. Reportedly found no commercially usable oil or gas; Ecopetrol listed it as under evaluation mid-2026.
—Odds. Before drilling, success was put at 35%, for a potential 250 million barrels of oil equivalent (oil and gas combined).
What Was Reported About the Well
Drilling on the Floreña N-18 well began on 16 June 2024 and the campaign ended in May 2026, La República reported. The well, near the city of Yopal, aimed for 18,500 feet (about 5.6 km) and bent sideways for about 2 km (1.2 miles).
Ecopetrol’s second-quarter 2026 results listed the well, under the name Floreña N18Y ST-1, as still under evaluation, La República reported. La República says it ended without finding reserves worth producing.
Why It Matters for Ecopetrol and US Investors
The well was meant to add natural gas reserves for Colombia, according to the La República report. Ecopetrol’s shares trade in New York as EC.
Before drilling, the potential was put at 250 million barrels of oil equivalent (a measure that adds gas to oil), mostly gas and condensates, which are light liquids. The chance of success was put at 35%, so a miss was the more likely outcome.
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The Other Side: Misses Are Normal
Exploration is a gamble, and La República says Ecopetrol’s first-half 2026 report counted four failed wells among the eight it finished drilling. Two were successful and two, including this one, were still under evaluation.
A dry well alone does not show a weak programme, in our reading. The US$85 million figure is also an outlet estimate rather than an Ecopetrol accounting number.
What Is Not Known
We found no Ecopetrol statement giving a final result or cost for Floreña N-18, and La República did not quote a new company statement. The dry result and the US$85 million estimate therefore rest on that outlet alone.
We could not confirm the result with the National Hydrocarbons Agency (ANH), Colombia’s oil and gas regulator, or in a filing to the Superintendencia Financiera de Colombia, the securities regulator. How Ecopetrol will account for the cost is also not public.
What to Watch Next
Ecopetrol reports its third-quarter 2026 results after the New York market close on Thursday 12 November, moved from 10 November, and that may be the first company document to show the well’s final status. Its year-end reserves figures would later show any effect on gas reserves.
Our earlier reports cover a separate offshore well permit change and the third-quarter results preview. More is in our Colombia coverage.
Frequently Asked Questions
Which well did Ecopetrol reportedly drill dry?
La República reports it is Floreña N-18, also listed as Floreña N18Y ST-1, near Yopal in Casanare. Ecopetrol has not commented in the reports we found.
How much did the well cost?
La República puts it at nearly US$85 million. We found no Ecopetrol document confirming that figure.
Is this the same as the Komodo-X1 well?
No. Komodo-X1 is an offshore exploration well in the Caribbean that has not been drilled yet, while Floreña N-18 is an onshore well in Casanare.
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