Ecopetrol announces the agreement to purchase Repsol's 45% stake in block CPO 09
Ecopetrol (NYSE: EC) has successfully negotiated the acquisition of Repsol's remaining 45% stake in block CPO-09, located in Colombia's Meta department. This strategic transaction makes Ecopetrol the sole owner of the asset, which spans across multiple municipalities in the Piedemonte Llanero region.
The acquisition is expected to add 41 million barrels to Ecopetrol's reserves and increase daily production by 7,000 barrels of oil. The deal, executed under Ecopetrol's right of first refusal within the Joint Operating Agreement, follows Repsol's previously announced transaction with Geopark on November 29. The completion of the transaction requires approval from the National Hydrocarbons Agency and the Superintendency of Industry and Commerce.
Ecopetrol (NYSE: EC) ha negoziato con successo l'acquisizione del restante 45% della partecipazione di Repsol nel blocco CPO-09, situato nel dipartimento Meta della Colombia. Questa transazione strategica rende Ecopetrol l'unico proprietario dell'asset, che si estende su diversi comuni della regione del Piedemonte Llanero.
L'acquisizione si prevede che aggiunga 41 milioni di barili alle riserve di Ecopetrol e aumenti la produzione quotidiana di 7.000 barili di olio. L'accordo, eseguito sotto il diritto di prelazione di Ecopetrol nell'ambito del Contratto di Operazione Congiunta, segue la transazione precedentemente annunciata da Repsol con Geopark il 29 novembre. Il completamento della transazione richiede l'approvazione dell'Agenzia Nazionale degli Idrocarburi e della Superintendencia dell'Industria e del Commercio.
Ecopetrol (NYSE: EC) ha negociado con 茅xito la adquisici贸n del 45% restante de la participaci贸n de Repsol en el bloque CPO-09, ubicado en el departamento Meta de Colombia. Esta transacci贸n estrat茅gica convierte a Ecopetrol en el 煤nico propietario del activo, que se extiende por varios municipios en la regi贸n del Piedemonte Llanero.
Se espera que la adquisici贸n agregue 41 millones de barriles a las reservas de Ecopetrol y aumente la producci贸n diaria en 7.000 barriles de petr贸leo. El acuerdo, ejecutado bajo el derecho de tanteo de Ecopetrol dentro del Acuerdo de Operaci贸n Conjunta, sigue a la transacci贸n previamente anunciada por Repsol con Geopark el 29 de noviembre. La finalizaci贸n de la transacci贸n requiere la aprobaci贸n de la Agencia Nacional de Hidrocarburos y de la Superintendencia de Industria y Comercio.
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Ecopetrol (NYSE: EC) a r茅ussi 脿 n茅gocier l'acquisition du reste de 45 % de la participation de Repsol dans le bloc CPO-09, situ茅 dans le d茅partement de Meta en Colombie. Cette transaction strat茅gique fait d'Ecopetrol le propri茅taire unique de l'actif, qui s'茅tend sur plusieurs municipalit茅s de la r茅gion du Piedemonte Llanero.
On s'attend 脿 ce que l'acquisition ajoute 41 millions de barils aux r茅serves d'Ecopetrol et augmente la production quotidienne de 7 000 barils de p茅trole. L'accord, ex茅cut茅 dans le cadre du droit de premier refus d'Ecopetrol au sein de l'Accord d'Exploitation Conjointe, fait suite 脿 la transaction pr茅c茅demment annonc茅e par Repsol avec Geopark le 29 novembre. La finalisation de la transaction n茅cessite l'approbation de l'Agence Nationale des Hydrocarbures et de la Superintendance de l'Industrie et du Commerce.
Ecopetrol (NYSE: EC) hat erfolgreich den Erwerb des verbleibenden 45%-Anteils von Repsol im Block CPO-09, der sich im Departamento Meta in Kolumbien befindet, verhandelt. Diese strategische Transaktion macht Ecopetrol zum alleinigen Eigent眉mer des Verm枚genswerts, der sich 眉ber mehrere Gemeinden in der Region Piedemonte Llanero erstreckt.
Der Erwerb wird voraussichtlich 41 Millionen Barrel zu den Reserven von Ecopetrol hinzuf眉gen und die t盲gliche Produktion um 7.000 Barrel 脰l erh枚hen. Der Deal, der im Rahmen des Vorkaufsrechts von Ecopetrol nach dem Joint Operating Agreement durchgef眉hrt wurde, folgt der zuvor von Repsol am 29. November angek眉ndigten Transaktion mit Geopark. Der Abschluss der Transaktion erfordert die Genehmigung der nationalen Hydrokarbonbeh枚rde und der Aufsichtsbeh枚rde f眉r Industrie und Handel.
- Acquisition adds 41 million barrels to company's reserves
- Daily production expected to increase by 7,000 barrels of oil
- Becomes sole owner of strategic CPO-09 block
- Strengthens position in Llanos Orientales basin
- None.
Insights
This strategic acquisition marks a significant expansion of Ecopetrol's operational footprint in Colombia's Llanos Orientales basin. The addition of 41 million barrels to reserves and 7,000 barrels daily production boost represents approximately
The timing is particularly strategic given current oil market dynamics and Colombia's push for energy security. Full ownership of CPO-09 provides Ecopetrol complete control over production scheduling, capital allocation and field optimization strategies. The Llanos basin is known for its relatively low operating costs and established infrastructure, which should support favorable economics even in moderate oil price environments.
From a financial perspective, this asset consolidation aligns with Ecopetrol's vertical integration strategy while potentially unlocking operational synergies. The proximity to existing infrastructure and the company's deep understanding of the basin's geology reduces execution risk. However, the transaction's full value will depend on successful regulatory approvals and the undisclosed purchase price relative to the asset's current market value and future development costs.
This acquisition demonstrates Ecopetrol's commitment to maintaining its dominant position in Colombia's energy sector while balancing conventional hydrocarbon growth with energy transition goals. The CPO-09 block's strategic location in the Piedemonte Llanero region offers significant operational advantages and synergy potential with existing assets.
The deal's structure through the exercise of right of first refusal indicates a defensive move to prevent competitive entry into a core operating area. By securing full control, Ecopetrol gains improved capital allocation flexibility and eliminates potential partner misalignment in future development decisions. The 7,000 barrel daily production increase, while modest relative to Ecopetrol's total output, provides immediate cash flow contribution and creates a platform for future growth through enhanced operational control.
Looking ahead, this consolidation strengthens Ecopetrol's ability to optimize production and costs across its Llanos basin portfolio. The transaction also reinforces Colombia's energy security agenda by keeping strategic assets under national control, particularly relevant given current global energy market uncertainties and regional geopolitical considerations.
This block is located in the municipalities of Villavicencio, Acac铆as, Guamal, Castilla La Nueva, San Mart铆n, Lejan铆as, El Dorado, El Castillo, and
With this acquisition, Ecopetrol expect to add approximately 41 million barrels to its reserves and estimates an increase in its daily production by approximately 7,000 barrels of oil. This operation strengthens Ecopetrol's position in the exploitation of the Llanos Orientales basin and consolidates its presence in the region.
To complete this transaction, it will be necessary to carry out the corresponding procedures before the National Hydrocarbons Agency and the Superintendency of Industry and Commerce, which we expect to undertake in the coming days.
Ecopetrol reaffirms its commitment to the country's energy future, highlighting the importance of hydrocarbons as a key resource for energy sustainability, while steadily advancing towards a fair and responsible energy transition.
Ecopetrol is the largest company in
For more information, please contact:
Head of Corporate Communications
Angela Maria De la Pava Londo帽o
Email: investors@ecopetrol.com.co听
Head of Press
Juan Pablo Pacavita
Email: juan.pacavita@ecopetrol.com.co
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SOURCE Ecopetrol S.A.
FAQ
How many barrels of reserves will EC gain from the Repsol CPO-09 acquisition?
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What regulatory approvals does EC need for the CPO-09 acquisition?
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