(Source: Shutterstock.com)
Ecopetrol SA said Feb. 5 it has completed its deal with Repsol Colombia Oil & Gas Ltd. to acquire the remaining 45% participation interest in the Piedemonte Llanero’s CPO-09 Block for $452 million.
The deal was made as a result of Ecopetrol exercising its right of first refusal from its joint operation agreement in December 2024. As a result, GeoPark Ltd.’s initial plans to buy the assets for $530 million were thwarted by Ecopetrol in January.
Ecopetrol now owns 100% interest in the block located in Meta, Colombia. With the closing of the deal, the company’s presence is strengthened in the Llanos Orientales Basin as the operator of the Akacias, Chichimene, Castilla, Apiay, Suria, Libertad - Reforma, Pachaquiaro and Caño Sur fields.
Ecopetrol is the operator of the block.
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