2017.11.1908:54:00UTC+00ECOPETROL: Company Awarded Four New Blocks In The Gulf Of Mexico

Colombian state-owned oil company Ecopetrol said that its subsidiary in the United States, Ecopetrol America, was awarded four blocks for deep water exploration of hydrocarbons in the Gulf of Mexico.

The blocks awarded were the so-called Garden Banks 77, 78, 121 and 122. The company's bid for the blocks was led and presented by Ecopetrol America, which has a 50% stake, while Repsol E&P USA Inc. will be the operator and will have the remaining 50% share.

This award grants the right to the two companies to explore these blocks for five years at an approximate water depth of 240 meters. The new blocks are part of Ecopetrol's exploratory strategy to increase offshore reserves and hydrocarbon production.