Superintendancy of Industry & Commerce All Smiles over BP Acquisition

Ecopetrol reported that the Superintendancy of Industry and Commerce (Superintendencia de Industria y Comercio), in a statement issued on December 17, 2010, had no objections to the acquisition carried out by Ecopetrol and Talisman Colombia Holdco Limited of BP Exploration Company (Colombia).

With this authorization, the parties will be able to proceed with the closing of the deal, on the terms announced last August 3, 2010.

BP Exploration Company (Colombia) is becoming an affiliate with interests of 51% for the Grupo Empresarial Ecopetrol, and 49% for Talisman Colombia Holdco Limited, with operational, administrative and financial autonomy.

This operation helps to increase Ecopetrol's base of reserves and hydrocarbon production with a view to fulfilling the goal of 1.0 million barrels a day established in its corporate strategy for the year 2015, and 1.3 million barrels a day in year 2020.