[Colombia] Ecopetrol and Oxy agree to joint exploration in four Colombian Caribbean blocks

escveritas
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[Colombia] Ecopetrol and Oxy agree to joint exploration in four Colombian Caribbean blocks

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  • This new alliance with Oxy is aligned with the Ecopetrol Group's long-term strategy to strengthen offshore exploration.
  • The blocks are located at an average distance of more than 150 kilometers from the coastline of the departments of Atlántico, Magdalena and La Guajira.
  • The acquisition of seabed samples is foreseen, as well as the proposed drilling of a deepwater well subject to regulatory authorizations and the completion of technical studies.


Ecopetrol S.A. and Occidental Petroleum Corp. (Oxy) inform that Ecopetrol and Anadarko Colombia Company, a subsidiary of Oxy, entered into a joint exploration agreement in Blocks COL 1, COL 2, COL 6 and COL 7, located in deep waters in the northeastern Colombian Caribbean, with the objective of undertaking the search for hydrocarbons in an area with attractive potential.

Under the agreement signed between the companies, Ecopetrol will acquire 40% of the exploration and production rights in the blocks, while the remaining 60% will remain under the control of Anadarko which, in turn, based on its experience, will maintain the status of operator. The agreement is subject to the approval of the National Hydrocarbons Agency (ANH).

The blocks are located off the coasts of the departments of Atlántico, Magdalena, and La Guajira, at an average distance of more than 150 kilometers from the coastline of these jurisdictions.

The geological evaluations of the blocks object of the agreement, carried out based on seismic information of the latest technology acquired in the area by Anadarko, indicate the possibility of important accumulations of hydrocarbons under different geological concepts in this sector of the Colombia Basin, which if confirmed would constitute a transformational event in the Colombian oil industry.

The companies plan to explore the areas by acquiring samples from the seabed and drilling an exploratory well, subject to regulatory authorizations and completion of technical studies. This well represents a major technological challenge to which the companies are committed, given that it would be in deep water.

"We are very pleased to seal this new alliance with Oxy, a first class partner, to continue strengthening the exploration portfolio in the Colombian Caribbean in line with our 2040 strategy 'Energy that transforms', one of whose drivers seeks to maintain competitiveness in the hydrocarbon chain by increasing offshore exploration," said Ecopetrol's president, Felipe Bayón.

Currently the Ecopetrol Group has a robust portfolio of offshore assets in the Colombian
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