Eni signs partnership deals with Ecopetrol for exploration

Eni SpA, Italy’s biggest energy company by market
value, said Thursday it has signed two partnership deals with Colombian state-
controlled Ecopetrol on exploration activity, as it aims to boost
its assets in the American continent.

In a statement, Eni said the first deal will allow Ecopetrol to farm into
Eni’s current U.S. Gulf of Mexico exploration portfolio. Eni will give the
Colombian company a 20%-25% working interest in at least five wells to be
drilled by the end of 2012.

Ecopetrol will invest and carry a portion of Eni’s drilling costs for more
than $220 million.

The second agreement is a memorandum of understanding aimed at boosting
cooperation between then two companies. A joint team will be set up to assess
further farm opportunities for Ecopetrol from Eni’s exploration portfolio.
Ecopetrol will also offer Eni access to opportunities in Colombia and other
Latin American countries. (Dow Jones)