CNPC and Ecopetrol agree to cooperation deal

10/22/2012

CNPC and Ecopetrol agree to cooperation deal

BOGOTA -- Ecopetrol and CNPC have agreed to a three-year plan to work together on oil exploration and drilling in Colombia and elsewhere. A statement from Ecopetrol said the agreement was signed by Ecopetrol President Javier Gutierrez and Ye Xiandeng, a CNPC representative.

A day earlier, Ecopetrol reported that it had submitted offers for 12 exploratory blocks in the Round Colombia 2012, following the opening of bidding held by the National Hydrocarbons Agency (ANH) in Cartagena, Colombia.

Of the 12 blocks, Ecopetrol holds a 100% stake in six of them, and the remaining six in partnerships with Anadarko, ExxonMobil, Repsol, and Hocol. The total area of the blocks is approximately 3.1 million hectares and are located in the following basins: Llanos, Mid Magdalena Valley, Caguan-Putumayo, Catatumbo, Cordillera, and the Colombian Caribbean offshore.

One of the two blocks in the Caribbean Offshore is held in partnership with Anadarko Colombia Company while the other is held in partnership with Repsol Exploracion Colombia S.A. These alliances with oil companies that have a broad experience in offshore exploration and production, are part of Ecopetrol S.A.'s strategy of strengthening its presence in this basin.

Dow Jones Newswires

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