Ecopetrol S.A. (NYSE:EC) and Petrobras (NYSE:PBR) have signed an agreement with Repsol, giving Repsol the opportunity to take part in the exploration of the Tayrona block, located off Colombia's Caribbean coast.
Repsol will assume a 30% share in the Tayrona block. Ecopetrol will retain 30%, and Petrobras, which holds the remaining 40%, will continue as operator.
This agreement is subject to authorization of the assignment of interests by the National Agency of Hydrocarbons (ANH - Agencia Nacional de Hidrocarburos).
The block, which has an area of approximately 1,657,900 hectares, comprises a part of the projects under way off Colombia's Caribbean coast, where Ecopetrol is moving forward with exploration activities with other partners.
The Tayrona block is covered by a hydrocarbon exploration and exploitation contract signed with the Agency in mid-2004.