Repsol Buys a Share in Offshore Colombian Block

Source: www.gulfoilandgas.com 1/12/2011, Location: South America

Repsol has signed an agreement with Colombian company Ecopetrol and Brazil's Petrobras to buy a stake in the offshore Tayrona exploration block in the Colombian Caribbean Sea.

Following the agreement, Repsol owns a 30% stake in the block, while Ecopetrol owns 30%. Petrobras, with a 40’% stakem, will continue to be the operator. The deal is subject to the approval of Columbia's National Hydrocarbons Agency (Agencia Nacional de Hidrocarburos.)

The Tayrona block is part of an exploration and development contract signed in 2004 with ANH and covers and area of 16,000 km2.

The agreement is part of Repsol's 2014 Horizon strategic planning, in which the upstream business is the growth-driver for the company. Repsol already has a number of successful operations in the Caribbean Sea, including the Cardon IV block in Venezuela.

Repsol has rights in nine blocks in Colombia, five of which are exploration blocks while four are in production. The company is present in the Cano Limon block and the surrounding area, the largest discovery made to date in the country. Repsol's net production in the country in 2009 was 2.4 million barrels (6,578 barrels a day.)


Brazil >>  6/27/2022 - Petrobras, following the announcements released on 02/08/2021, 08/25/2021 and 10/01/2021, informs that it restarted the sale processes of the Abreu e ...
South Africa >>  6/27/2022 - In accordance with a farmout agreement (the "Agreement"), Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with a focus on the offsh...

United States >>  6/27/2022 - Sitio Royalties Corp. (STR) ("Sitio") announced that it has completed the acquisition of over 19,700 net royalty acres ("NRAs") in the Permian Basin f...
Brazil >>  6/24/2022 - Petrobras, following up on the release disclosed on 06/23/2022, informs that it signed with BW Energy Maromba do Brasil Ltda (BWE), the contracts for ...

Brazil >>  6/23/2022 - Petrobras, following up on the release disclosed on 06/14/2022, informs that its Executive Board, in a meeting held, approved the sale of its total st...
Brazil >>  6/23/2022 - BW Energy has been notified that the Company’s offer to acquire the Golfinho and Camarupim Clusters offshore Brazil has been approved by the Petrobras...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.