Ecopetrol takes US Gulf stake
Colombia's state oil company Ecopetrol has signed a deal with Anglo-Dutch supermajor Shell to explore two offshore fields in the Gulf of Mexico, its US unit Ecopetrol America said today.
Ecopetrol said it had signed a participation agreement with Shell and Newfield Exploration to explore blocks 777 and 778 in the Garden Banks area of the Gulf.
Shell will operate the fields with a 65% stake, while Ecopetrol will have 25% interest and US company Newfield a 10% stake in the deal, Reuters reported.
Ecopetrol said the Gulf of Mexico deal forms part of its international expansion plans.