Ecopetrol, Oxy Prep Development Quartet

The new agreement will see the partnership jointly invest in four deepwater projects.

Ecopetrol building front

Ecopetrol has an agreement in place to develop four deepwater blocks with a subsidiary of Occidental. The four blocks are located in deep waters some 150 km off Colombia’s northern Caribbean coast.

Ecopetrol will take a 40% stake in the blocks while Occidental subsidiary Anadarko Colombia will hold the remaining 60% stake and will serve as the blocks’ operator.

The deal remains subject to approval from Colombia’s Ministry of Mines and Energy.