Repsol Adds To Hunt For Offshore Oil In Colombia

Colombia’s state-controlled oil company Ecopetrol (ECOPETROL.BO) reached a deal with Repsol YPF SA (REP.MC) for the Spanish oil major to participate in two more offshore exploration projects in the Caribbean. The deal will give Repsol a 50% stake in each of two oil blocks off Colombia’s Caribbean coast, RC-11 and RC-12, Ecopetrol said in a statement late Wednesday. Ecopetrol will retain the other 50% stake in each and stay on as the operator of the blocks.