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November 27, 2007 |
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ECOPETROL SA: Investing US$50 Mil. in Hydrocarbons Exploration Ecopetrol S.A. President Javier Gutierrez told Business News Americas that the company is investing US$50 million for exploring hydrocarbons in three blocks in Peru through 2008. Business News Americas relates that Ecopetrol has a stake in block 90 (Ucayali basin) with Repsol Exploracion and in block 101 with Talisman. The company and Talisman, which have signed contracts on Nov. 21, will further operate block 134 (Maranon). According to Peru's state news agency Andina, Mr. Gutierrez claimed that "Peru is the first country Ecopetrol has entered as part of its international expansion process," adding that the company will meet with other companies that operate blocks in Peru. The company will attend 2008's round at which hydrocarbons promotion agency Perupetro plans to put 12 blocks out to tender, Business News Americas states, citing Mr. Gutierez. About Ecopetrol Ecopetrol is an integrated-oil company that is wholly owned by the Colombian government. The company's activities include exploration for and production of crude oil and natural gas, as well as refining, transportation, and marketing of crude oil, natural gas and refined products. Ecopetrol is Latin America's fourth-largest integrated-oil concern. Operations are organized into Exploration & Production, Refining & Marketing, Transportation, and International Commerce & Gas. Ecopetrol produced 385,000 barrels a day of oil and gas in 2006 and has 330,000 barrels a day of refining capacity, according to the company's Web site. In 2005 it produced about 60 percent of Colombia's daily output. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign and local currency issuer default ratings at 'BB+' and 'BBB-', respectively. Fitch said the outlook for all ratings is stable. |
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