BOGOTA, Colombia, Jan. 26, 2016 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that Hocol Petroleum Limited, a fully owned subsidiary of Ecopetrol S.A., has formed a new company, Ecopetrol Costa Afuera Colombia S.A.S., as approved by Hocol Petroleum Limited's board of directors.
The new company will be responsible for offshore exploration and production activities in Colombia, which are currently being carried out by Ecopetrol S.A. as operator and non-operator.
Ecopetrol Costa Afuera Colombia S.A.S. will benefit from the tax, tariff and other benefits of Decree 2682 of 2014, as recently modified by Decree 2129 of 2015, which establishes the conditions and requirements for forming Permanent Offshore Free Trade Zones in Colombia.
Ecopetrol Costa Afuera Colombia S.A.S. is an indirect subsidiary of Ecopetrol S.A. and located in Colombia. It has an authorized capital of COP$2,000,000,000 and subscribed capital of COP $400,000,000.