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.
2022-06-29 - “Spare capacity is running very, very low,” Shell CEO Ben van Beurden said on June 29, adding that despite economic and COVID-19 challenges, global oil and gas demand is still recovering.
2022-04-12 - “I think it’s extremely cowboy-ish ... by doing an outright sale, purely thinking like a trader, if I did that I would get fired. Nobody knows which way the oil price will go,” said Ilia Bouchouev, partner at Pentathlon Investments and adjunct professor at NYU.
2022-04-13 - “Now is the time to accelerate the transition to an independent and a clean energy future. President Putin cannot control the power of the wind or the sun,” U.S. climate envoy John Kerry said in the opening speech to the Our Oceans conference.
2022-04-14 - Russia launched pipeline gas supplies to China in the end of 2019 and in February agreed a 30-year contract via a new pipeline, yet to be built, with plans to settle sales in euros.
2022-04-14 - The deal also comes as the economics of moving Middle East crude to the U.S., the world’s No. 2 crude importer, have become attractive, traders said.