Offshore staff
(South America, Colombia) - BHP Billiton has acquired E&P rights offshore Colombia, South America.
The company signed contracts with the national hydrocarbon agency of Colombia, Agencia Nacional de Hidrocarburos (ANH), which allow for oil and gas E&P from two offshore blocks in Colombia's Caribbean sector.
BHP Billiton holds a 75% interest in each block and is the designated operator. Colombia's state-owned oil company, Ecopetrol, holds the remaining 25% interest.
The two contracts, Fuerte Norte and Fuerte Sur, each cover approximately 1.2 million acres and are located in water depths ranging from 50 to 2,700 m.
Financial terms of the transaction were not disclosed.
This deal follows on from a technical evaluation agreement with the ANH in 2005, which allowed BHP Billiton to study and assess approximately 3.75 million acres offshore Colombia for E&P development opportunities.
