Ecopetrol Submitted the Highest Bids for Three Blocks in the Brazil Bidding
BOGOTA, Colombia, May 15, 2013 /CNW/ - Ecopetrol S.A. (NYSE: EC; BVC:
ECOPETROL; TSX: ECP) announces that it submitted the highest bids for three
exploratory blocks in the 11(th) Bidding Round carried out yesterday by the
Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (National Agency
of Petroleum, Natural Gas and Biofuels, or ANP) of Brazil in Rio de Janeiro.
Ecopetrol has a 100% interest in the highest bids for the POT-M-567 and
FZA-M-320 blocks and a 50% interest in the highest bid for the CE-M-715 block,
which it submitted with Chevron Brasil Ventures APS.
The three blocks comprise an area of approximately 1,862 sq kilometers in the
Potiguar, Foz de Amazonas and Ceara offshore basins.
In addition to the interest it is expected to have in these blocks, Ecopetrol
Oleo e Gas do Brasil has an interest in the following blocks: (i) BMC29,
where, jointly with Anadarko, it is carrying on the appraisal phase of the
Itauna discovery; (ii) BM-C-44, where it is exploring jointly with Petrobras
and Petrogalp; and (iii) PAMA 10, 11 and 12 where it is exploring jointly with
Petrobras and Vale.
The execution of the concession contracts is expected to take place in three
months, after the ANP approves the offers, pursuant to Brazilian law.
The results of the 11th Brazilian Bidding Round strengthen Ecopetrol's
exploration portfolio. In addition, exploration in these areas is in line with
the strategic goals of the company in Brazil, where it works in association
with companies of recognized expertise.
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 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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Investor Relations, Alejandro Giraldo, Phone: +571-234-5190, Email:
email@example.com; Media Relations (Colombia), Mauricio Tellez,
Phone: + 571-2345377, Fax: +571-2344480, Email: firstname.lastname@example.org
SOURCE: Ecopetrol S.A.
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CO: Ecopetrol S.A.
NI: OIL UTI
-0- May/15/2013 22:44 GMT
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