Ecopetrol forms subsidiary for offshore exploration and production

Ecopetrol forms subsidiary for offshore exploration and productionColombian oil company Ecopetrol S.A. has established a new subsidiary which will be responsible for its offshore operations.

More precisely, Ecopetrol’s subsidiary Hocol Petroleum Limited, has formed the offshore exploration firm Ecopetrol Costa Afuera Colombia S.A.S.

The new company will be responsible for offshore exploration and production activities in Colombia, which are currently being carried out by Ecopetrol S.A. as operator and non-operator.

“Ecopetrol Costa Afuera Colombia S.A.S. will benefit from the tax, tariff and other benefits of Decree 2682 of 2014, as recently modified by Decree 2129 of 2015, which establishes the conditions and requirements for forming Permanent Offshore Free Trade Zones in Colombia,” Ecopetrol said.

The oil company further stated that Ecopetrol Costa Afuera Colombia has an authorized capital of COP$2,000,000,000 and subscribed capital of COP $400,000,000.

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