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.