ENI and Ecopetrol sign farm-in agreement for Gulf of Mexico prospect

Nov 20, 2008 01:00 AM

In Bogotá, ENI signed two agreements with Ecopetrol, the Colombian state-controlled oil company.
The first agreement will enable Ecopetrol to farm into ENI's current US Gulf of Mexico exploration portfolio. Ecopetrol will be assigned a 20 to 25 % working interest on at least five wells to be drilled within 31 December 2012. Under the terms of the agreement, Ecopetrol will invest and carry a portion of ENI's drilling costs for a total in excess of $ 220 mm.

The second agreement is a Memorandum of Understanding (MoU) aimed at increasing cooperation between ENI and Ecopetrol. This will happen through the creation of a joint team to evaluate further farm in opportunities for Ecopetrol from ENI's exploration portfolio. Ecopetrol will also offer ENI access to opportunities in Colombia and other South American countries.
These strategic partnership agreements will enable ENI to manage and diversify the risk of its exploration portfolio.

In the Americas, ENI currently owns lease interests in 408 blocks within the US Gulf of Mexico, 70 % of which are located in deepwater. In this area, ENI delivered a strong exploration performance in 2008, with a success rate above 80 %, and continues to be a key producer with a daily equity production in excess of 100,000 boe.
In addition, the company owns lease interest in 173 licenses in the North Slope of Alaska. In South America ENI carries out exploration and/or production activities in Venezuela, Trinidad and Tobago, Ecuador, Brazil and Argentina.

Source / ENI
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