Selection Process No. PERUPETRO-001-2010 of the 2010 Peru Round came to a close in Lima, Peru with 25 Blocks up for bid by PeruPetro.
Ecopetrol, through its Peruvian subsidiary, Ecopetrol del Peru S.A., was declared the highest bidder for the blocks for which it submitted offers. Ecopetrol del Peru S.A. will be sole operator of Block 179. For the other four blocks (176, 180, 182, 184), Ecopetrol del Peru S.A. will hold a 50% participation interest in a consortium with Repsol Exploracion Peru (25%) and YPF S.A. (25%), with Repsol acting as operator.
Altogether the five blocks cover an area of approximately 2.5 million hectares onshore. Block 176 is located in the area of Ucayali, Blocks 180, 182 and 184 are in the Huallaga basin, and Block 179, in Maranon basin.
These blocks add to Ecopetrol del Peru's current participation in (i) Block 101, which the company is exploring in partnership with Talisman and Repsol, (ii) Blocks 134 and 158, which the company is exploring in partnership with Talisman and (iii) Block 117, which the company is exploring with Petrobras and Inpex. Ecopetrol acts as a non-operating partner in all of these partnerships.
In accordance with Peruvian law, once approval is announced by Supreme License Contract Decree, the corresponding contracts for each of the five blocks can be subscribed, which is expected to take approximately two months.
The results of the 2010 Peru Round strengthen Ecopetrol's exploratory activity with the target of meeting the Company's production goals and increasing reserves by 2020 as set forth in its strategic plan. Additionally, exploration in these areas is encompassed in Ecopetrol's international strategy for Peru, in partnership with other companies with extensive experience in this type of activity.
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