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March 28, 2014
17:05 EDTECEcopetrol continues to grow in deepwater Gulf of Mexico
Ecopetrol announced that its U.S. affiliate placed the most competitive bids for 11 blocks in the "Central Planning Area Lease Sale 231" round held in New Orleans on March 19, as disclosed by the Bureau of Ocean Energy Management, or BOEM, the governmental authority in charge of the process in the U.S. In this lease sale, Ecopetrol America partnered with Murphy Exploration and Production in 7 blocks and with Murphy Exploration and Production and Venari Offshore LLC in 4 blocks. The official awarding of the blocks will be conducted by BOEM in the coming months after the checking of bids and ascertaining that the companies fulfill the conditions required for the round. The economic bids placed by Ecopetrol America and its partners in the 11 blocks add up to approximately $73.2M with Ecopetrol America's share consisting of approximately $33.7M. In case of being granted, these blocks allow deep sea hydrocarbon exploration in water depths of over 221 meters for a 10-year period. Further, Ecopetrol America would increase its participation in the U.S. Gulf Coast basin to 149 blocks. The results obtained strengthen Ecopetrol's position in the U.S. Gulf of Mexico, which it considers a focus area in its internationalization process.
News For EC From The Last 14 Days
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February 7, 2016
13:51 EDTECEcopetrol says minority shareholders nominate board member
Ecopetrol reported Friday that representatives of the minority shareholders with the largest holdings of the company's shares have submitted a "Shareholders' Agreement," subscribed by five pension and retirement funds, in which they nominated Roberto Sampedro as an independent member of Ecopetrol's board of directors. The nomination of Steiner as an independent member of the board and representative of the minority shareholders is to be included as the ninth item in the program of the Ministry of Finance and Public Credit that will be submitted for consideration at the general shareholders' assembly, said the company.
January 28, 2016
10:08 EDTECEcopetrol board approves sale of all shares in Polipropileno del Caribe
Ecopetrol said that yesterday, as part of its divestment plan, its Board of Directors approved proceeding with the process of selling 100% of its shares in the company Polipropileno del Caribe S.A. This decision is aligned with Ecopetrol's new strategy and the proceeds of the sale will be used to strengthen the exploration and production businesses, which are the focus of the company. This sale process will proceed in accordance with Law 226 of 1995, which requires Ecopetrol S.A. to apply for and obtain the approval of the National Government of Colombia.

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