Ecopetrol to Push Ahead Colombia Gas Drilling After Shell Exit
Rafael Guzman, left, and Ricardo Roa, chief executive officer of Ecopetrol SA.
Photographer: Nathalia Angarita/BloombergEcopetrol SA plans to continue drilling for natural gas in Colombian Caribbean waters after partner Shell Plc exited three offshore blocks, betting on growing domestic demand and potentially lucrative reserves.
Shell said in April it would pull out of the COL-5, Purple Angel and Fuerte Sur blocks as part of a “strategic” decision, ending its oil and gas exploration in Colombia. Ecopetrol, which jointly operates the areas, will move forward on its own or seek a new partner, according to Rafael Guzman, vice president of hydrocarbons.