Ecopetrol, BP to Jointly Hunt for Hydrocarbons in GOM

Ecopetrol S.A.

Ecopetrol S.A, through its US affiliate, Ecopetrol America Inc, entered into a participation agreement with two US subsidiaries of BP for the exploration of hydrocarbons in the Gulf of Mexico's , Outer Continental Shelf. This new joint venture will search for natural gas at depths exceeding 20,000 feet, which entails several stages. During the first year at least one exploratory well will be drilled and 3D seismic data will be acquired. The conditions and development of subsequent stages will depend on the results obtained in the first stage.

Ecopetrol's estimated investment for this first phase will amount to approximately US $120 million and will be carried out in two exploration areas in the Gulf of Mexico, located southwest of Texas. Ecopetrol will have a 15% interest in one of them and 30% in the other.