Ecopetrol Plans Angola Oil Exit as African Venture Comes Up Dry
- Wells proved costly and failed to produce hydrocarbons
- Driller to focus on Colombia offshore, U.S., Mexico, Brazil
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Colombia’s state-controlled Ecopetrol SA is seeking to leave Africa after exploration investments in Angola failed to produce commercial oil or gas.
Ecopetrol bought 10 percent stakes in blocks 38 and 39 in the Kwanza basin in Angola’s offshore, field operator Statoil ASA announced July 2014. A little over a year later, Ecopetrol is seeking to sell, according to Exploration Vice President Max Torres.