ExxonMobil, Ecopetrol, Petrobras Ink Exploration Deal

Exxon Mobil together with Ecopetrol and Petrobras have signed the first exploration and production contract with Colombia's National Hydrocarbon Agency (ANH) to begin exploration activities offshore Colombia.

The agreement covers the 11-million-acre Tayrona block, off Colombia's northern coast in the Caribbean Sea. ExxonMobil has a 40 percent interest in the block with Petrobras also having 40 percent and Ecopetrol having 20 percent.

During the initial 18-month phase of the exploratory program, the participating companies will continue data acquisition and analysis, which includes re-processing 2D seismic and acquiring 3D seismic data. In addition, ExxonMobil will utilize its industry-leading Remote Reservoir Resistivity Mapping (R3M) technology, which is a proprietary electromagnetic survey technique that ExxonMobil has used in other offshore areas of the world.

"ExxonMobil is very excited about bringing our global expertise and technologies, including our R3M technology, to the project," said Tim Cejka, president of ExxonMobil Exploration Company. "We are equally proud to be part of this historic opportunity to return to the Upstream sector in Colombia."

ExxonMobil has operated through affiliates in Colombia since the early 1900's. For the past 50 years, ExxonMobil has marketed and sold gasoline, fuels and lubricants in Colombia under its Esso and Mobil brands. It has also participated in exploration and production activities, operated a coal mining business, and imported and sold chemicals for industrial uses for many years.