2009-08-15-2009-03-01-2009-03-01

Bought co., gaining assets in Peru with 100 MMBO 2P.

South Korean national oil company Korea National Oil Corp. (KNOC), Anyang, South Korea, and Colombian national oil company Ecopetrol SA, Bogota, Colombia, (NYSE: EC) have acquired privately held, Houston-based Offshore International Group Inc. for US$900 million. Ecopetrol and KNOC each paid 50% of the purchase amount. Offshore International Group's main asset is subsidiary Petro-Tech Peruana SA, which has upstream and gas-processing activities in Peru. It's main property is Block Z2B offshore northern Peru. Petro-Tech has 11 blocks total in Peru covering 9.5 million hectares, one of the largest offshore E&P areas in South America. Current production is approximately 12,000 barrels per day. Estimated proved and probable reserves are more than 100 million barrels. Offshore International Group also has holdings in other companies that provide services for Petro-Tech's E&P activities. Both KNOC and Ecopetrol plan to make further investments to increase production and reserves, including a goal to more than double the production volume within the next three years.