Ecopetrol: Ecopetrol and Oxy agree on joint exploration in four blocks in the Colombian Caribbean

Ecopetrol SA and Occidental Petroleum Corp. (Oxy) inform that Ecopetrol and Anadarko Colombia Company, a subsidiary of Oxy, signed a joint exploration agreement in Blocks COL 1, COL 2, COL 6 and COL 7, located in deep waters in the northeast of the Colombian Caribbean, with the aim of undertaking the search for hydrocarbons in an area with attractive potential.

By virtue of the agreement signed between the companies, Ecopetrol will acquire 40% of the exploration and production rights in the blocks, while the remaining 60% will remain under the control of Anadarko, which, in turn, based on its experience, will maintain the condition of operator. The agreement is subject to the approval of the National Hydrocarbons Agency (ANH).

The blocks are located off the coast of the departments of Atlántico, Magdalena, and La Guajira, at an average distance of more than 150 kilometers from the coastline of these jurisdictions.

The geological evaluations of the blocks object of the agreement, carried out based on seismic information of the latest technology acquired in the area by Anadarko, indicate the possibility of significant accumulations of hydrocarbons under different geological concepts in this sector of the Colombia Basin, which if confirmed would constitute a transformational event for the Colombian oil industry.

The companies plan to explore the areas by acquiring seabed samples and drilling an exploratory well, subject to regulatory authorizations and the completion of technical studies. This well represents an important technological challenge with which the companies are committed, since it would be done in deep water.

“We are very pleased to seal this new alliance with Oxy, a first-rate partner, to continue strengthening the exploration portfolio in the Colombian Caribbean in line with our 2040 strategy ‘Energy that transforms’, one of whose promoters seeks to maintain competitiveness in the hydrocarbon chain by increasing offshore exploration,” said the president of Ecopetrol, Felipe Bayón.