Gran Tierra Energy Inc. secured a 49% working interest in the Tisquirama block in Colombia’s Middle Magdalena Valley through a partnership with state‑owned oil company Ecopetrol S.A. The contract, signed on March 17, 2026, places the Tisquirama and San Roque fields—adjacent to Gran Tierra’s Acordionero field—under Gran Tierra’s operational control once the initial work program is completed and regulatory approval is obtained.
Gran Tierra will invest approximately $47.1 million of a $92.4 million capital program spread over 40 months. Phase 1 of the program requires a minimum of $15 million in gross capital expenditures and is expected to finish in the first quarter of 2027. The development plan targets a potential gross production of more than 13,000 barrels of oil equivalent per day and includes over 60 unbooked drilling locations within the block.
The partnership leverages Gran Tierra’s proven waterflooding expertise and its experience with horizontal drilling. CEO Gary Guidry said, "We believe this creates a compelling opportunity to apply Gran Tierra's proven operating model and waterflood expertise to enhance recovery and extend field life." He added, "By leveraging the technical expertise and operational efficiencies demonstrated at Acordionero, we believe there is a clear opportunity to waterflood the assets and significantly improve the recovery factor. In addition, we see potential to apply modern technologies, including potential application of horizontal and multi‑lateral drilling techniques utilized in our Canadian operations, to increase reservoir contact and improve recovery." These capabilities are expected to boost recovery rates and extend the life of the fields.
From Ecopetrol’s perspective, the deal provides access to Gran Tierra’s advanced recovery technologies while allowing the state‑owned company to benefit from Gran Tierra’s local infrastructure and market knowledge. Ecopetrol’s long history in the Tisquirama block and its broader diversification strategy—including renewable energy initiatives—make the partnership a strategic fit that enhances its oil and gas portfolio.
The transaction is subject to approval by Colombia’s Superintendence of Industry and Commerce. Operatorship will be assumed by Gran Tierra after the initial work program is completed and the executive committee gives its approval. Investor sentiment has been mixed: while the partnership is viewed as a positive step for both companies, recent board resignations and an audit committee investigation have introduced uncertainty, tempering enthusiasm among some investors.
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