BOGOTA, Colombia – Ecopetrol SA will create a wholly owned subsidiary focused on developing projects offshore Colombia, following the authorization made by the company’s board of directors in its August meeting.
Ecopetrol currently carries out its activity off Colombia as both operator and non-operator. In a statement , the company said it plans to take advantage of the benefits of Decree 2682/14, issued by the country’s Ministry of Trade, Industry, and Tourism in December 2014. The decree established conditions and requirements for permanent offshore free trade zones.
Once the new company is created, Ecopetrol will seek approval from Colombia’s National Hydrocarbon Agency in order to assign its contractual rights under the exploration and production contracts of the offshore blocks in which it currently participates.
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