Ecopetrol, Pacific Rubiales Team Up on Colombia Alicante Block

Colombia's state-owned oil company Ecopetrol on July 31, 2008 signed an accord with Meta Petroleum, a local subsidiary of Canadian-based oil firm Pacific Rubiales, on the joint development of the Alicante hydrocarbons block in Colombia's Llanos Orientales basin, Ecopetrol said.

Under the agreement Ecopetrol will cede to Meta Petroleum a 55 pct participation in the block, which is now wholly developed by Ecopetrol under a contract with the National Hydrocarbons Agency (ANH) from 2006.

The transfer of the 55 pct stake is subject to a approval by ANH.

The accord between Ecopetrol and Meta Petroleum includes acquisition of seismic data in the third quarter of 2008 and drilling an exploration well in the second half of 2009.

Alicante stretches on 38,684 ha, some 29 km east of the town of Villavicencio in Meta department.

Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: August 1, 2008