Colombia's Ecopetrol, Spain's Repsol acquire four blocks in Gulf of Mexico

Colombia’s Ecopetrol, in partnership with Repsol E&P USA, has acquired four new blocks in the Gulf of Mexico for oil exploration.

Offshore staff

BOGOTA – Colombia’s state-run oil company Ecopetrol has acquired four new blocks in the Gulf of Mexico for oil exploration, according to a Reuters report.

Ecopetrol will develop the blocks in partnership with Spanish energy company Repsol, which will have a 50% stake through its subsidiary Repsol E&P USA. The Repsol subsidiary will be the operator of the four blocks.

The blocks marked as Garden Banks 77, 78, 121 and 122 were secured duringLease Sale 249, a competitive process that was held by the Bureau of Ocean Energy Management in August.

Through the award, the partners will hold the right to carry out exploration in the blocks for five years at a water depth of nearly 240 m (787 ft).

According to Ecopetrol, the blocks that it has been awarded with are located in areas where the so-called “Blacktail” prospects are located. These prospects are located close to production platforms which would facilitate early production, owing to the potential of connecting with available facilities in the area, should there be a discovery.

Ecopetrol stated that the new blocks are part of its exploratory strategy to boost its reserves and hydrocarbon production, which lists offshore areas as one of its priority areas.

Further, the company said that the addition of the “Blacktail” prospect to the portfolio supports its initiative of concentrating on prospects in proximity to areas with existing infrastructure.

11/20/2017

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