Ecopetrol Expands Presence in GOM

Ecopetrol submitted the most competitive bids for 19 blocks in the Oil & Gas Lease Sale 213 round held in New Orleans. Bids were submitted by Ecopetrol's U.S. subsidiary. 

The company's interest in five of the blocks is 100%, while in ten blocks it placed bids in partnership with Repsol E&P USA with interests ranging between 40% and 60% for Ecopetrol. In the remaining four blocks bids were placed in partnership with Eni Petroleum US LLC, with a 25% interest for Ecopetrol.

Total bids submitted by Ecopetrol amount to approximately US $15 million.

These blocks will allow deep sea hydrocarbon exploration at depths of over 400 meters for a 5 to 10-year period.

These results are in line with the company's internationalization process, being the Gulf of Mexico (U.S.) one of its focus areas The internationalization process makes part of the strategy to reach a production of one million barrels of oil equivalent per day in 2015.