Colombia’s state-run petroleum company Ecopetrol announced Wednesday that they have agreed a partnership with Spanish oil company Repsol-YPF for the exploration of two blocks in the Caribbean sea, RC-11 and RC-12, Reuters reports.
The agreement remains subject to the approval of the Colombian National Hydrocarbons Agency (ANH) who signed the original exploration contract in late 2007, meaning the rights will have to be transferred over to Ecopetrol.
The investment will be shared 50/50 between the two companies however Ecopetrol will be responsible for all operations during the exploration stage of RC-11 (457,144 acres) and RC-12 (33,592 acres).
Ecopetrol generates more then 60% of oil production in Colombia and also has exploration and production activities in the U.S., Peru and Brazil.
