Ecopetrol and Petrobras Add an Additional Partner for Exploration of the Tayrona Block
January 05, 2011 at 08:37 AM EST
BOGOTA, Colombia, Jan. 5, 2011 /PRNewswire/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) and Petrobras Colombia Limited, have signed an agreement with Repsol Exploracion Colombia so that the latter company can take part in the exploration of the Tayrona block, located off Colombia's Caribbean coast.
Repsol will assume a 30% share in the block. Ecopetrol will retain 30%, and Petrobras, which holds the remaining 40%, will continue as operator.
This agreement is subject to authorization of the assignment of interests by the National Agency of Hydrocarbons (ANH - Agencia Nacional de Hidrocarburos).
The block, which has an area of approximately 1,657,900 hectares, comprises a part of the projects under way off Colombia's Caribbean coast, where Ecopetrol is moving forward with exploration activities with other partners.
The Tayrona block is covered by a hydrocarbon exploration and exploitation contract signed with the Agency in mid-2004.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and it is entering into the biofuels business.
This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.
SOURCE Ecopetrol S.A.