Ecopetrol buys stakes In 2 Peru oil blocks

Colombian state-controlled oil company Ecopetrol SA said Tuesday it has agreed to buy stakes in two oil blocks in Peru
from Brazilian oil company Petroleo Brasileiro SA.

In a statement, Ecopetrol said it bought 50% of a block in the eastern
Peruvian Amazon jungle and 25% in a second one, located in the country’s
southeastern jungle.

Both companies will search for oil and gas in the two areas together. The
acquisitions need to be approved by Peruvian authorities, Ecopetrol said.

Ecopetrol didn’t disclose how much it will pay for the stakes.

Ecopetrol intends to invest $6.22 billion this year in exploration, boosting
production and acquiring other companies as part of plans to invest $60 billion
in the 2008-15 period. It invested about $4.62 billion in 2008.

So far this year, Ecopetrol has acquired 50% of Peru’s Petrotech Peruana SA
for $450 million, the 51% stake it didn’t own in a Cartagena refinery from Swiss
commodity company Glencore International AG for $549 million and the Colombian
unit of France’s Etablissements Maurel et Prom for $748 million. The
company on Monday announced the acquisition of a stake in an oil pipeline from
Enbridge Inc. for $418 million.

Shares of Ecopetrol on Monday rose 0.7% to 2,105 pesos ($0.88), while the IGBC
stock index also advanced 0.7%. The stock market in Bogota on Tuesday hasn’t
opened yet on. (Dow Jones)

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