Economy

Ecopetrol raises stake In Colombia off-shore area to 50%

by Adriaan Alsema

Colombian state-controlled oil company Ecopetrol SA raised its stake in two off-shore exploration operations to 50%
from a previous 33%, the company said in a filing to the local securities
regulator.

Australian mining company BHP Billiton PLC handed over to Ecopetrol 25%
of its 67% stake in the Fuerte Sur and Fuerte Norte operations on the Caribbean
coast, where both companies are seeking oil and gas since 2006.

Ecopetrol didn’t say how much it paid for the stake in the operations.

The company plans to invest $6.22 billion this year in exploration,
production, refining and in acquisitions. Ecopetrol had invested $4.62 billion
in 2008.

Shares of Ecopetrol were up 1% to 2,080 Colombian pesos ($0.84) as of 10.18
a.m., while the benchmark index was up 0.3%. (Dow Jones)