Colombia’s national oil company, Ecopetrol SA, announced an agreement Friday with Reliance Industries, India’s biggest company by market value, to jointly explore deepwater blocks in Colombia.
The exploration will take place in the Borojo North Block 42 and Borojo South Block 43 in Colombia.
Ecopetrol will get a 20% stake in the blocks. Reliance will hold the remaining stake and will also operate the blocks, the company said.
The two deepwater blocks cover about 8,000 square kilometers, in water depths ranging from 60 meters to 1,500 meters.
“Coupled with the deepwater experience of Reliance, this strategic cooperation could result in a well-calibrated approach to risk management and accelerated exploration and development in a large part of Pacific offshore,” Reliance said.
The agreement is effective from November 23 and is subject to approval by the ANH, Colombia’s upstream regulator. (Dow Jones)