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.

Copyright (c) 2012 Dow Jones & Company, Inc.


Click on the button below to add a comment.
Post a Comment
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.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: West Sacramento, CA
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Denver, CO
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Columbia, SC
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours