Ecopetrol, Oxy Prep Development Quartet
The new agreement will see the partnership jointly invest in four deepwater projects.
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.