Participation and Exchange Process Concluded in Brazil's Santos Basin
January 13, 2011 at 08:40 AM EST
BOGOTA, Colombia, Jan. 13, 2011 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company"), through its affiliate Ecopetrol Oleo e Gas do Brasil Ltda., Petroleo Brasileiro S.A. - Petrobras and ONGC Campos Ltda., have been notified by the National Petroleum, Gas and Biofuel Agency – ANP, by means of resolution 1090/2010 of December 29, 2010, that approval has been granted for the concession of participation rights in block BM-S-74 in Brazil.
Through said resolution, the participation and exchange process among the three companies for blocks BM-S-73 and BM-S-74 at the Santos basin is concluded and final approval granted for ONGC to participate in the later block, with a 43.5% stake. The remaining percentage will be held by Ecopetrol with 13%, and by Petrobras, which will continue as operator, with 43.5%.
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.