MILAN -- Eni has signed two agreements with Ecopetrol, the Colombian state-controlled oil company.
The first agreement will enable Ecopetrol to farm in to Eni's current US Gulf of Mexico exploration portfolio. Ecopetrol will be assigned a 20-25% working interest on at least five wells to be drilled before Dec. 31, 2012. Under the terms of the agreement, Ecopetrol will invest and carry a portion of Eni's drilling costs for a total in excess of $220 million.
The second agreement is a Memorandum of Understanding (MoU) aimed at increasing cooperation between Eni and Ecopetrol. This will happen through the creation of a joint team to evaluate further farm in opportunities for Ecopetrol from Eni's exploration portfolio. Ecopetrol will also offer Eni access to opportunities in Colombia and other South American countries.