(Piero Stewart, Energy Analytics Institute, 29.Dec.2024) — Colombia’s state-owned Ecopetrol successfully concluded negotiations with Spain’s Repsol to acquire the remaining 45% of its interest in the CPO-9 block, located in the Meta department.
With this transaction, Ecopetrol becomes the 100% owner of this strategic asset in the Piedmonte Llanero, Ecopetrol announced 29 Dec. 2024 in an official statement.
The transaction reinforces Ecopetrol’s position in the exploitation of the Eastern Plains basin and consolidates its presence in the region.
The transaction was carried out under the right of preference granted to Ecopetrol under the joint operation agreement (JOA) and is the result of the previously announced transaction between Repsol and Geopark on 29 Nov. 2024.
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The CPO-9 block is located in the municipalities of Villavicencio, Acacías, Guamal, Castilla La Nueva, San Martin, Lejanias, El Dorado, El Castillo and Granada.
With this acquisition, Ecopetrol adds around 41 million barrels to its reserves and projects an increase in its oil production by around 7,000 barrels per day (b/d).
In order to complete the transaction, Ecopetrol said it needs to carry out the corresponding procedures before the National Hydrocarbons Agency (ANH) and the Superintendence of Industry and Commerce, which will be advanced in the coming days.
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By Piero Stewart reporting from Caracas. © Energy Analytics Institute (EAI). All Rights Reserved.
