Colombia's Ecopetrol to Partner with Anadarko in Offshore Blocks
BOGOTA, Colombia - Colombia's state-run oil firm Ecoeptrol SA will partner with Anadarko Petroleum Corp. in offshore exploration in two blocks in the Caribbean Sea, an area that Ecopetrol considers of strategic importance in its oil exploration strategy.
The companies will each have a 50% stake in each block, which are called Fuerte Norte and Fuerte Sur. The agreement was signed Dec. 7, Ecopetrol said in a statement Thursday. "The blocks are located in one of the key zones for the exploration strategy of Ecoeptrol," the company said.
Colombia has seen a boom in oil production over the last few years and is nearing the 1 million barrels-a-day production mark, which the government has presented as a milestone for the industry. But while production has surged, new reserves haven't kept pace with output growth, putting pressure on oil companies in the country to find new oil sources.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- No More Free Lunch Is the Big Change Under Way in the Oil Market (Oct 09)
- Anadarko To Spend $2.5B On Massive Share Buyback (Sep 20)
- Harvey Could Become First Hurricane to Strike Texas Since 2008 (Aug 23)
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)