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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.
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