The JV's Orca-1 well was drilled within the Tayrona Block, which was the first contract granted in 2004 by the National Hydrocarbons Agency for exploration in the Colombian Caribbean.
The well reached the expected depth of 4240 metres, in water depths 674m. Drilling was completed in September and showed the accumulation of natural gas at a depth of 3657m.
Repsol holds a 30% stake in the consortium, which it joined in 2010 following its gas discovery in the adjacent waters of the Gulf of Venezuela.
Petrobras is the group's operator with 40%, while Ecopetrol holds the remaining 30%.
The partners now plan to undertake a technical expansion phase of studies using results from the well and the seismic data previously acquired over the area.
This phase will help to determine the gas potential and economical possibilities of the block.
Orca-1 marks the tenth successful exploratory venture for Repsol in 2014.
