Brazil Approves Transfer Of Saturno Stake To Ecopetrol

(Ecopetrol, 18.Jul.2019) — Ecopetrol S.A. said the Ministry of Mines and Energy of Brazil has authorized the transfer of a 10% stake in the Saturno block, located in the Santos basin, to its subsidiary, Ecopetrol Óleo e Gas Brasil. Previously, this percentage was equally held by Shell Brasil Petróleo Ltda and Chevron Brasil Óleo e Gas Ltda.

The authorization was published in the Diario Oficial de Brasil on July 17, 2019 .

As reported on December 20, 2018 , Ecopetrol S.A. entered into an agreement with both companies to gain a 10% interest in the Saturno block, which was finally approved by the Ministry of Mines and Energy of Brazil . The block was assigned to Shell and Chevron last September 28th in the Fifth Pre-Salt Round held by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP).

Ecopetrol holds a 10% interest in the block, while Shell, as operator, and Chevron each hold a 45% interest.

This block adds an additional Pre-Salt block, as Ecopetrol already holds a 20% stake in Pre-Salt block, Pau-Brazil, in partnership with CNOOC and BP. With these two Pre-Salt blocks, Ecopetrol has a presence in five blocks in Brazil , located in the Santos, Foz de Amazonas, Potiguar and Ceará basins.

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