BOGOTA, Colombia, May 15, 2013 /CNW/ - Ecopetrol S.A. (NYSE: EC; BVC:
ECOPETROL; TSX: ECP) announces that it submitted the highest bids for
three exploratory blocks in the 11th Bidding Round carried out yesterday by the Agencia Nacional do
Petroleo, Gas Natural e Biocombustiveis (National Agency of Petroleum,
Natural Gas and Biofuels, or ANP) of Brazil in Rio de Janeiro.
Ecopetrol has a 100% interest in the highest bids for the POT-M-567 and
FZA-M-320 blocks and a 50% interest in the highest bid for the CE-M-715
block, which it submitted with Chevron Brasil Ventures APS.
The three blocks comprise an area of approximately 1,862 sq kilometers
in the Potiguar, Foz de Amazonas and Ceara offshore basins.
In addition to the interest it is expected to have in these blocks,
Ecopetrol Oleo e Gas do Brasil has an interest in the following blocks:
(i) BMC29, where, jointly with Anadarko, it is carrying on the
appraisal phase of the Itauna discovery; (ii) BM-C-44, where it is
exploring jointly with Petrobras and Petrogalp; and (iii) PAMA 10, 11
and 12 where it is exploring jointly with Petrobras and Vale.
The execution of the concession contracts is expected to take place in
three months, after the ANP approves the offers, pursuant to Brazilian
The results of the 11th Brazilian Bidding Round strengthen Ecopetrol's
exploration portfolio. In addition, exploration in these areas is in
line with the strategic goals of the company in Brazil, where it works
in association with companies of recognized expertise.
Ecopetrol is Colombia's largest integrated oil & gas company, where it
accounts for 60% of total production. It is one of the top 40 oil
companies in the world and the fourth largest oil company in Latin
America. The Company is also involved in exploration and production
activities in Brazil, Peru and the United States Gulf Coast, and owns
the main refineries in Colombia, most of the network of oil and
multiple purpose pipelines in the country, petrochemical plants, and is
entering into the biofuels business.
This release contains forward-looking statements relating to the
prospects of the business, estimates for operating and financial
results, and those related to growth prospects of Ecopetrol. These are
merely projections and, as such, are based exclusively on the
expectations of management concerning the future of the business and
its continued access to capital to fund the Company's business plan.
Such forward-looking statements depend, substantially, on changes in
market conditions, government regulations, competitive pressures, the
performance of the Colombian economy and the industry, among other
factors; therefore, they are subject to change without prior notice.
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SOURCE: Ecopetrol S.A.
For further information:
Investor Relations, Alejandro Giraldo, Phone: +571-234-5190, Email: firstname.lastname@example.org; Media Relations (Colombia), Mauricio Tellez, Phone: + 571-2345377, Fax: +571-2344480, Email: email@example.com