Ecopetrol to join Shell, Chevron in presalt block offshore Brazil

Ecopetrol S.A. has signed an agreement with Shell and Chevron to acquire a 10% stake in the Saturno block in the presalt Santos basin.

Offshore staff

BOGOTÁ, Colombia – Ecopetrol S.A. has signed an agreement with Shell and Chevron to acquire a 10% stake in the Saturno block in the presalt Santos basin.

Shell and Chevron were awarded the block on Sept. 28 in theFifth Pre-Salt Round held by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The agreement is subject to approval by Brazil’s Ministry of Mines and Energy and the ANP, as well as other customary closing conditions.

The Saturno block is 1,100 sq km (425 sq mi) and is located off the coast of the states of São Paulo and Río de Janeiro. The consortium originally made up of Shell and Chevron executed a proposal with a production stake of 70.2% in favor of the Brazilian state.

Following approval, Ecopetrol will hold 10% interest in the block while Shell, the operator, and Chevron will each hold a 45% interest.

12/21/2018

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