Ecopetrol, BP to form GoM joint venture

Ecopetrol S.A. has agreed with two US subsidiaries of BP for the exploration of hydrocarbons in the Gulf of Mexico outer continental shelf.

Offshore staff

BOGATA, Columbia -- Ecopetrol S.A. has agreed with two US subsidiaries of BP for the exploration of hydrocarbons in the Gulf of Mexico outer continental shelf. The joint venture will search for natural gas at depths exceeding 20,000 ft (6,096 m).

During the first year, the venture will drill at least one exploratory well. The companies also plan to acquire 3D seismic data. The conditions and development of subsequent stages will depend on the results obtained in the first stage, according to Ecopetrol.

Ecopetrol estimates investment for this first phase at approximately $120 million and says will be carried out in two exploration areas in the GoM.

10/24/2008

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