Columbia’s oil company Ecopetrol S.A. has submitted the highest bids for three exploratory blocks in the 11th Bidding Round carried out yesterday by the Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis or ANP of Brazil in Rio de Janeiro.
Ecopetrol has a 100% interest in the highest bids for the POT-M-567 and FZA-M-320 blocks and a 50% interest in the highest bid for the CE-M-715 block, which it submitted with Chevron Brasil Ventures APS.
The three blocks comprise an area of approximately 1,862 sq kilometers in the Potiguar, Foz de Amazonas and Ceara offshore basins.
In addition to the interest it is expected to have in these blocks, Ecopetrol Oleo e Gas do Brasil has an interest in the following blocks: (i) BMC29, where, jointly with Anadarko, it is carrying on the appraisal phase of the Itauna discovery; (ii) BM-C-44, where it is exploring jointly with Petrobras and Petrogalp; and (iii) PAMA 10, 11 and 12 where it is exploring jointly with Petrobras and Vale.
The execution of the concession contracts is expected to take place in three months, after the ANP approves the offers, pursuant to Brazilian law.
The results of the 11th Brazilian Bidding Round strengthen Ecopetrol’s exploration portfolio. In addition, exploration in these areas is in line with the strategic goals of the company in Brazil, where it works in association with companies of recognized expertise.