Colombia’s majority state-owned energy company, Ecopetrol, on May 18 announced an agreement to develop four offshore, deep-water blocks with a subsidiary of U.S. oil major Occidental Petroleum.
The four blocks are located in deep waters some 150 km off Colombia’s northern Caribbean coast, Ecopetrol said in a statement.
Ecopetrol will take a 40% stake in the blocks while Occidental subsidiary Anadarko Colombia Co. will have a 60% stake and will serve as the blocks’ operator, Ecopetrol said.
“We’re very pleased to seal this new alliance with [Occidental], a first-rate partner, to continue strengthening our exploration portfolio in Colombia’s Caribbean,” Ecopetrol CEO Felipe Bayon said in the statement.
The deal is subject to approval from Colombia’s oil regulator, the company said.
Recommended Reading
Could Concentrated Solar Power Be an Energy Storage Gamechanger?
2024-03-27 - Vast Energy CEO Craig Wood shares insight on concentrated solar power and its role in energy storage and green fuels.
Bill Gates: ‘A Heroic Effort’ is Beginning, but Climate Goals Still Won’t be Hit
2024-03-26 - Bill Gates said during CERAWeek by S&P Global that the energy transition was picking up speed but still wouldn’t be able to achieve the climate goals established under the Paris Agreement of 2015.
Tangled Up in Blue: Few Developers Take FID on Hydrogen Projects
2024-04-03 - SLB, Linde and Energy Impact Partners discuss hydrogen’s future and the role natural gas will play in producing it.
SLB’s ‘Transition Technologies’ Bring In $1B+, Baker Hughes Sees 45% New Energy Orders Jump
2024-01-24 - The oil and gas sector’s deep understanding of complex subsurface rock is helping to advance carbon capture and storage and other technologies.
IEF Chief: When the Public Figures out Transition’s Cost, ‘We’re in Big Trouble’
2024-03-22 - Also, developing and undeveloped countries are pushing back, with one African minister saying “we will decarbonize after we carbonize.”