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February 7, 2008 |
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ECOPETROL: To Drill First Cano Sur Well with Royal Dutch Shell Colombian state-owned oil firm Ecopetrol will drill ts first well in the Cano Sur block with the Royal Dutch Shell in 10 days, Business News Americas reports, citing a project official. As reported in the Troubled Company Reporter-Latin America on Jul. 19, 2007, Ecopetrol said that it signed a contract with Royal Dutch Shell for the joint exploration of the Cano Sur block in Llanos Orientales. The 653,662-hectare Cano Sur is in the southeast of the Villavicencio city. State hydrocarbons regulator Agencia Nacional de Hidrocarburos ratified the contract. Ecopetrol and Shell will each have a 50% stake in Cano Sur. Ecopetrol will operate Cano Sur during the exploratory stage, BNamericas states. About Royal Dutch Royal Dutch Shell plc is engaged in all principal aspects of the oil and natural gas industry, and also has interests in chemicals and additional interests in power generation and renewable energy (mainly in wind and advanced solar energy). The company operates in five segments: Exploration & Production, which searches for and recovers oil and natural gas around the world and is active in 38 countries; Gas & Power, which liquefies and transports natural gas, and develops natural gas markets and related infrastructure; Oil Products, which include all of the activities necessary to transform crude oil into petroleum products and deliver these to customers worldwide; Chemicals, which produces and sells petrochemicals to industrial customers globally, and Other Industry Segments and Corporate, which include Renewables and Hydrogen. In May 2007, Rubis acquired the German liquefied petroleum gas distribution subsidiary from Shell. 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. |
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