Colombia’s state-run oil company
Ecopetrol is considering buying Petro-Tech
Peruana, a privately-held oil firm with offshore assets in
Peru, Colombia’s Mining and Energy Minister Hernan Martinez
said on Monday.
Martinez spoke to reporters in Lima, after meeting with
Peru’s President Alan Garcia to discuss possible projects. The
government of Peru, a net oil importer, is actively encouraging
foreign companies to invest to help boost oil and gas output.
Last year, Chinese state oil firms were reported to be
preparing bids for Petro-Tech, a deal that was then estimated
to be worth between $1.5 and $2.5 billion.
“Yes, it’s a possibility that we have been looking at, and
obviously, we are continuing to evaluate it. It’s one of the
possible ways to expand Colombian investments in Peru,”
Martinez said in response to a question about whether Ecopetrol
might buy Petro-Tech.
He stressed a final decision has not yet been made.
Petro-Tech, owned by private U.S. firm Offshore
International Group, has shallow-water offshore blocks in Peru
covering more than 5 million acres. It produces small amounts
of oil and gas, but several discoveries point to greater
In June it made an important natural gas discovery at Block
Z-2B, five miles (7.5 km) off the northern coast in Piura,
close to its San Pedro field, which was discovered in 2005.
The two fields have reserves estimated at up to 1.2
trillion cubic feet and Petro-Tech estimated they could cost up
to $120 million to develop. In April, Petro-Tech found an oil
reserve of 1.13 billion barrels at block Z-6, also in northern