Ecopetrol and Petrobras sign deals for projects in Peru

Mar 17, 2009 01:00 AM

Through its affiliate in Peru, Ecopetrol entered into two agreements with Petrobras Energia del Peru to acquire a share in two exploration and production blocks in Peru.
In the first block (Lot 110), Ecopetrol will have a 50 % share. In the second (Lot 117), the company will have participation of 25 %.

Both blocks are located in the eastern region of the country. Block 117, with an extension of 13,865 sq km, is located in the north-eastern corner, on the border with Colombia and Ecuador, within the Maranon basin. Block 110, with an extension of 14,831 sq km, is located in the south-eastern region, on the Ucayali basin.
These two blocks are part of the agreements subscribed in 2006 with Perupetro and are currently in exploration phase.

These agreements enable Ecopetrol to continue with its internationalization process in Peru, where it already has a holding in hydrocarbon exploration and production blocks in association with companies such as Repsol and Talisman in Blocks 90, 101 and 134. Additionally, Ecopetrol has a share in six Technical Evaluation Areas (TEA), together with Petrobras and PetroPeru.
These agreements represent a further step in the internationalization process of Ecopetrol, as part of the strategy intended to reach a production on 1 mm barrels of oil equivalent per day in the year 2015.

The agreements are subject the approvals of the Peruvian authorities.

Source / Ecopetrol S.A.
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