Ecopetrol posts highest bid on 7 blocks strengthening presence in the Gulf of Mexico

Source: Ecopetrol S.A. 

Ecopetrol S.A. (NYSE: EC), through its subsidiary in the United States (Ecopetrol America Inc.), submitted the best bids for 7 blocks offered in the round "Oil & Gas Lease Sale 218", as was disclosed yesterday in New Orleans by the Bureau of Ocean Energy Management (BOEM), the governmental authority in charge of the process in the U.S. 

Ecopetrol's interest in all blocks is 100%, with an area of 163 square kilometers, and they are located on the western part of the Gulf Coast in the United States , in areas known as East Breaks and Keathley Canyon. 

The official awarding of the blocks will be conducted by BOEM in the coming months, after the checking of bids and ascertaining that the companies fulfill the conditions required for the round. The results obtained strengthen the position of Ecopetrol in one of the most developed regions and with the greatest potential for discovery and production of oil and gas in the world. 

The Gulf Coast of the United States is one of the focus areas of Ecopetrol's internationalization strategy.
The new blocks are added to the 19 obtained on the Gulf Coast in 2010, along with other oil companies. With these 7 blocks, the company will increase its participation in this region to 119 blocks. 

Ecopetrol announced its first discovery on the Gulf Coast at the Logan-1 well, where it holds a 20% participation, which is operated by the Norwegian company Statoil.



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