Ecopetrol, Shell Pick up Six Blocks in Brazil Bid Round

(Energy Analytics Institute, 13.Apr.2022) — Ecopetrol, through its Brazilian affiliate Ecopetrol Óleo e Gás do Brasil, in partnership with Shell Brasil Petróleo Ltda, picked up six blocks in the offshore Santos Basin in the Third Cycle of Permanent Offers offered by Brazil’s hydrocarbon regulator National Petroleum, Natural Gas and Biofuel Agency (ANP).

The blocks include S-M-1599, S-M-1601, S-M-1713, S-M-1817, S-M-1908 and S-M-1910, the Colombian oil giant announced 13 April 2022 in an official statement. Ecopetrol holds a 30% working interest in the blocks while Shell, the operator, holds the majority 70%.

The blocks were won with an offer of $140mn Brazilian reais, which includes a minimum exploration commitment that consists of acquiring seismic on the blocks.

With this deal, Ecopetrol’s presence in Brazil is expanded to 12 blocks across the Santos and Ceará basins, which include the Gato do Mato discovery. The deal is in line with Ecopetrol’s upstream growth plans abroad, which include pursuing opportunities where the company already has a presence such as offshore Brazil, Mexico and the US.


By Pietro D. Pitts. © Energy Analytics Institute (EAI). All Rights Reserved.

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