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Ecopetrol secures shared hydrocarbon production contracts

Published by , Assistant Editor
Oilfield Technology,

According to Ecopetrol S.A (Ecopetrol), during a public ceremony that was recently held in Mexico City, Mexico's National Hydrocarbons Commission finalised the bidding process CNH-R02-L01/2016 and awarded shared production contracts for hydrocarbon exploration and extraction in 15 Mexican shallow water areas.

After submitting the best offers, Ecopetrol was the winning bidder for two blocks in the southeast basins, together with Petronas and Pemex. The first was Area 6 (559 m2), along with its partner PC Carigali México (a Petronas subsidiary); the firms offered the government 65.19% of operating profits and an additional investment factor of 1.0, equivalent to one well.

The second block Ecopetrol won was Area 8 (586 km2). In this block, its strategic partner was Pemex de México and the operating profit offered to the government was 20.10%, with an additional investment factor of 0.

The participation of Ecopetrol in both blocks is 50%.

This achievement is part of the strategy to strengthen and diversify exploration and production activities in Colombia and abroad, thus increasing hydrocarbon reserves. Ecopetrol is arriving in this market through the Mexican Government's strategy of attracting foreign investment.

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Upstream news Mexico upstream news Oil & gas news