Ecopetrol apparent highest bidder on 26 blocks in GoM lease sale

Columbia-based Ecopetrol was the apparent highest bidder on 26 blocks in the Gulf of Mexico Oil & Gas Lease Sale 208.

Offshore staff

BOGOTA -- Columbia-based Ecopetrol was the apparent highest bidder on 26 blocks in the Gulf of Mexico Oil & Gas Lease Sale 208.

Of the 26 blocks, the company bid alone for 15, but participated jointly with Repsol E&P USA Inc. on the remaining 11 blocks, with shares ranging between 40% and 60%.

The economic offers submitted by Ecopetrol in the 26 blocks add up to $20.5 million, plus a lease cost per block of nearly $60,000/year. The company's investment in the blocks will exceed $20 million in three years, not including the drilling of wells.

03/19/2009

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