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Shell and Ecopetrol to develop Colombia offshore gas discoveries

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Oilfield Technology,

Ecopetrol and Shell EP Offshore Ventures Limited have signed an agreement whereby Shell will acquire a 50% stake in the Fuerte Sur, Purple Angel and COL-5 blocks, located in the deep waters of the Colombian Caribbean.

Following the agreement, Shell will assume the operation of the blocks. The parties intend to drill a boundary hole in the area at the end of 2021, once the respective approvals of the authorities are filled, and to carry out the first production test. If these activities were positive, the discoveries could be developed and thus expand the gas supply for the country in the medium-term.

“This agreement we made with a top-level ally such as Shell, recognised for its experience in ultra-deep water operations and in the development and commercialisation of high-impact gas projects, will allow us to check the production capacity of these reservoirs and their possible future development We are very satisfied with this alliance that will lead us to increase the reserves and production of an environmentally friendly fuel, key in the energy transition, and strengthen the strategic relationship with Shell, with which we have already been working in the Brazil Presal and in the Gulf of Mexico (United States),” said Felipe Bayón, president of Ecopetrol.

“This position is a significant step for Shell in Colombia and in South America. The agreement brings together the regional knowledge of Ecopetrol, coupled with Shell's experience in deep water and integral solutions of Natural Gas. We have collaborated with Ecopetrol on multiple occasions since its creation, and we are very happy to continue demonstrating our commitment of more than 84 years working with Colombia in its energy resources, ”said Ana María Duque, president of Shell in Colombia.

Since 2019 Ecopetrol had undertaken the search for a new world-class operator ally for these blocks, after the previous operator ceded its stake.

The agreement signed by Ecopetrol and Shell is subject to the respective approvals by the National Hydrocarbons Agency and other transaction conditions of this nature.

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