Colombia’s Ecopetrol S.A. is buying Repsol’s curiosity within the exploration and manufacturing contract (E&P contract) for Block CPO-09.
The ultimate closing of the acquisition is pending a number of situations, together with approval by the Superintendence of Business and Commerce and authorization by the Nationwide Hydrocarbons Company (ANH), Ecopetrol stated in a information launch.
Ecopetrol stated it “plans to supply further data relating to the closing of the transaction in due time via the legally approved channels”.
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Final month, Ecopetrol confirmed what it referred to as “the biggest gasoline discovery” in Colombia’s historical past. The corporate made the invention via the drilling of the Sirius-2 effectively within the Colombian Caribbean.
Analysis actions of the outcomes of the Sirius-2 effectively drilling verify in-place gasoline volumes better than 6 trillion cubic toes, which might improve the nation’s present gasoline reserves by 200 p.c, the corporate stated in an earlier assertion.
The anticipated manufacturing is round 470 million cubic toes per day for 10 years, based on the assertion. The consortium is estimating an funding of $1.2 billion for exploration part one and $2.9 billion within the manufacturing improvement part.
Additionally in December 2024, Colombia-focused Parex Assets Inc. entered into agreements with Ecopetrol S.A. for a 50 p.c working curiosity in 4 blocks situated within the Putumayo Basin and the Farallones Block within the Llanos Foothills of Colombia.
The Putumayo collaboration agreements “set up a brand new core space” for Parex, the corporate stated in an earlier information launch, including that over 350 million barrels of oil have been recovered up to now within the space via major restoration strategies with restricted current drilling.
Parex stated the enterprise collaboration agreements are for the Orito, Space Sur, Occidente, and Nororiente Blocks within the Putumayo Basin of Colombia by way of an preliminary work plan dedication with no upfront acquisition price.
The corporate famous that the Putumayo Blocks “provide vital upside potential and the flexibility to meaningfully enhance restoration components” via the applying of low-risk infill drilling, re-completions, facility upgrades, and enhanced oil restoration (EOR) implementation.
Parex will assume operatorship of all future drilling and capital actions, whereas Ecopetrol will retain operatorship of present and future manufacturing. Confirmed reserves (1P) had been marked at 10 million barrels.
Parex additionally acquired a 50 p.c working curiosity and operatorship within the Farallones Block within the Llanos Foothills of Colombia, in alternate for drilling the Farallones exploration effectively, in addition to the additional expenditure dedication for carry capital of roughly $30 million on a gross capital program of roughly $60 million.
Ecopetrol describes itself as the biggest firm in Colombia and one of many most important built-in power corporations on the American continent. The corporate is chargeable for greater than 60 p.c of the hydrocarbon manufacturing of most transportation, logistics, and hydrocarbon refining methods within the nation, and holds main positions within the petrochemicals and gasoline distribution segments.
Ecopetrol has a stake in strategic basins on the American continent, with drilling and exploration operations within the USA (Permian basin and the Gulf of Mexico) and Brazil.
To contact the writer, e mail rocky.teodoro@rigzone.com
