Colombia: Shell acquires interest in three blocks off the Colombian Caribbean coast from Ecopetrol
04 Jan 2021
Col-5, Purple Angel and Fuerte Sur, are the contracts subject to the assignment, which have great potential in natural gas.
Shell will contribute its great knowledge and expertise in deep waters for the exploration of border basins.
The
Shell EP Offshore Ventures, Colombian branch as operating partner of
three Hydrocarbon Exploration and Production contracts in the deep waters of the Colombian Caribbean, Through the assignment of 50% interest in each of those contracts, held solely by the Colombian state-owned
Ecopetrol. Col-5, Purple Angel and
Fuerte Sur, in which Shell will contribute with its knowledge and experience to face the technical challenges presented by the maritime operation, representing a great opportunity for Colombia to develop its energy potential in a safe and efficient way.
Colombia’s Ecopetrol Sets Aside $600 Million in 2021 Capex for Permian, Local Shale Plays
Colombia’s state oil company Ecopetrol SA will continue its foray into shale plays in 2021, principally in the prolific Permian Basin in the United States but also in a pilot program at home.
The company will spend more than $600 million in unconventional plays next year, part of an overall capital expenditure (capex) plan of $3.5-4 billion for 2021.
Overall capex is in line with 2020.
The 88.5% state-owned company, whose shares trade on the New York Stock Exchange and the Colombian stock market, earlier this year slashed its 2020 capex by $1.2 billion to a new range of $3.3-4.3 billion, citing plummeting oil prices and the coronavirus pandemic.