BOGOTA, Colombia, Jan. 5, 2011 /PRNewswire/ -- Ecopetrol S.A.
(NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) and Petrobras
Colombia Limited, have signed an agreement with Repsol Exploracion
Colombia so that the latter company can take part in the
exploration of the Tayrona block, located off Colombia's Caribbean coast.
(Logo: http://photos.prnewswire.com/prnh/20090209/ARM001LOGO
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Repsol will assume a 30% share in the block. Ecopetrol will
retain 30%, and Petrobras, which holds the remaining 40%, will
continue as operator.
This agreement is subject to authorization of the assignment of
interests by the National Agency of Hydrocarbons (ANH - Agencia
Nacional de Hidrocarburos).
The block, which has an area of approximately 1,657,900
hectares, comprises a part of the projects under way off
Colombia's Caribbean coast, where Ecopetrol is moving
forward with exploration activities with other partners.
The Tayrona block is covered by a hydrocarbon exploration and
exploitation contract signed with the Agency in mid-2004.
Ecopetrol is Colombia's
largest integrated oil & gas company, where it accounts for 60%
of total production. It is one of the top 40 oil companies in the
world and the fourth largest oil company in Latin America. The Company is also involved in
exploration and production activities in Brazil, Peru
and the United States Gulf Coast, and owns the main refineries in
Colombia, most of the network of
oil and multiple purpose pipelines in the country, petrochemical
plants, and it is entering into the biofuels business.
This release contains forward-looking statements relating to
the prospects of the business, estimates for operating and
financial results, and those related to growth prospects of
Ecopetrol. These are merely projections and, as such, are based
exclusively on the expectations of management concerning the future
of the business and its continued access to capital to fund the
Company's business plan. Such forward-looking statements depend,
substantially, on changes in market conditions, government
regulations, competitive pressures, the performance of the
Colombian economy and the industry, among other factors; therefore,
they are subject to change without prior notice.
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Contact us for any additional
information:
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Investor
Relations
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Alejandro Giraldo
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Phone: +571-234-5190
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Email: investors@ecopetrol.com.co
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Media Relations
(Colombia)
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Mauricio Tellez
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Phone: +571-2345377
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Fax: +571-2344480
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Email: mtellez@ecopetrol.com.co
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Website: www.ecopetrol.com.co
SOURCE Ecopetrol S.A.