Grupo Ecopetrol Submits Top Bids for 5 Blocks in Round Colombia 2014
OREANDA-NEWS. Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that the company and its affiliate Hocol S.A. have submitted the best offers for 5 exploratory blocks in Round Colombia 2014, following the opening of bidding today by the National Hydrocarbons Agency (ANH) in Cartagena (Colombia).
For the offshore block "Sin Off 7," located in the Colombian Caribbean, the best bid was submitted by the Union Temporal (joint association) between Ecopetrol and Shell, the latter as operator.
Hocol S.A. made the best offers for 4 blocks in the Sinu San Jacinto basin: SN-8, SN-15, SN-18 and the YDSN1 (Discovered Underdeveloped Reservoir).
The investment by Ecopetrol and Hocol in the 5 blocks is estimated at approximately USD 80 million during the initial phase of exploration, which includes the minimum mandatory commitments and the additional investment offered in the round.