Ecopetrol and Pacific Rubiales Energy Announce their Decisions Concerning the Rubiales Field
March 15, 2015 at 18:00 PM EDT
BOGOTA, Colombia, March 15, 2015 /PRNewswire/ -- Ecopetrol (NYSE: EC; BVC: ECOPETROL; TSX: ECP) and Pacific Rubiales Energy announce that they have agreed not to extend the Rubiales risk participation and Piriri joint venture contracts that expire in 2016.
Ecopetrol will be examining different options for the operation of the Rubiales field. For its part, Pacific Rubiales Energy will explore the possibility of presenting a proposal to operate this asset.
Both Ecopetrol and Pacific Rubiales Energy have expressed interest in continuing to develop business opportunities for the benefit of both parties and that of the country.
Ecopetrol is the largest company in Colombia and is an integrated oil & gas company; it is among the top 50 oil companies in the world and among the four top ones in Latin America. Besides Colombia - where it generates over 60% of the national production - it has exploration and production activities in Brazil, Peru & the US (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia and most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels.
This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.
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Media Relations (Colombia)
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SOURCE Ecopetrol S.A.