Repsol Adds to Hunt for Offshore Oil in Colombia
BOGOTA (Dow Jones Newswires), Apr. 7, 2011
Colombia's state-controlled oil company Ecopetrol reached a deal with Repsol for the Spanish oil major to participate in two more offshore exploration projects in the Caribbean.
The deal will give Repsol a 50% stake in each of two oil blocks off Colombia's Caribbean coast, RC-11 and RC-12, Ecopetrol said in a statement late Wednesday. Ecopetrol will retain the other 50% stake in each and stay on as the operator of the blocks.
The deal must still be approved by Colombia's oil-licensing agency, ANH.
In January, Repsol took a 30% stake in another Caribbean offshore exploration block called Tayrona. Ecopetrol and the local unit of Brazil's state-run company, Petrobras, also have a stake in the Tayrona block.
Ecopetrol is Colombia's largest integrated oil and gas company, and it accounts for 60% of total production.
Colombia's oil sector is booming, and the government is hoping output will reach 1 million barrels a day by the end of the year.
Copyright (c) 2011 Dow Jones & Company, Inc.
- Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
- Repsol Says Drilling Suspended On Vietnam Oil Block Disputed By China (Aug 02)
- China Urges Halt To Oil Drilling In Disputed South China Sea (Jul 25)
Company: Ecopetrol more info
- Colombia's Ecopetrol Names New CEO, Echeverry Resigns (Aug 17)
- Colombia's Ecopetrol Rubiales Oil Output Hit By Protests (Jun 27)
- Rebel Bomb Attack Halts Colombia's Cano Limon Crude Pipeline (Jun 22)