Ecopetrol to Buy Repsol's 45% Stake in Oil Block

Dow Jones2024-12-31

By Kailyn Rhone

Ecopetrol said it has agreed to acquire a 45% stake in the CPO-09 oil block from the Spanish energy company Repsol.

The deal makes the Colombian oil and gas company the full owner of the block. By taking control, Ecopterol expects to add around 41 million barrels to its oil reserves and increase its daily production by 7,000 barrels.

The purchase was part of Ecopterol's right to buy Respol's share, thanks to an agreement between the two companies. The deal still needs approval from the National Hydrocarbons Agency and the Superintendency of Industry and Commerce to complete the transaction.

This block is located in Colombia within the municipalities of Villavicencio, Acacías, Guamal, Castilla La Nueva, San Martín, Lejanías, El Dorado, El Castillo, and Granada.

Write to Kailyn Rhone at kailyn.rhone@wsj.com

(END) Dow Jones Newswires

December 30, 2024 15:09 ET (20:09 GMT)

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