Ecopetrol Joins Reliance in Colombian Deepwater Venture
Reliance Exploration and Production DMCC (REP), a wholly owned subsidiary of Reliance Industries Limited, and Ecopetrol SA (Ecopetrol)
signed the Farm-out Agreements, effective from November 23, 2009, for the Borojo North Block 42 and Borojo South Block 43 in Colombia, subject to approval by ANH, the Colombian national upstream regulator.
As per the Agreements, Ecopetrol acquires a 20% stake in the blocks while REP will retain the balance and the Operatorship in these blocks.
The two deepwater blocks cover an area of approximately 8,000 square kilometers in water depths ranging from 60-1,500 meters. REP has completed acquisition and processing of 2D seismic of around 3000 line kms and is in the process of commencing multi-beam bathymetry studies covering both the blocks.
As the National Oil Company of Colombia, Ecopetrol brings a richness of technical and administrative experience in the region. Coupled with the deepwater experience of Reliance this strategic co-operation could result in a well calibrated approach to risk management and accelerated exploration and development in a large part of Pacific offshore.
- OPEC's Output Curbs Squeeze World's Biggest Oil Refining Complex (Oct 16)
- India's Reliance Industries 2Q Profit Up 7%, Lags Estimates (Oct 13)
- India's Reliance Sells US Shale Asset for $126 Mln (Oct 06)
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)
Company: ANH more info
- Colombian ANH's 'Open Round' Roadshow Visits Houston (Feb 04)
- Ecopetrol Hits Hydrocarbons at Tempranillo North-1 (Jan 29)
- Colombia's ANH 'Open Round' Arrives in Calgary (Jan 27)