16.08.201716:28:00UTC+00ECOPETROL: Oil Company Create New Subsidiary In Mexico

Colombian state-owned oil company Ecopetrol reported that it formalized the creation of its new subsidiary ECP Hidrocarburos Mexico.

The subsidiary, which has headquarters in Mexico City, is 100% owned by Ecopetrol and its shareholders are Ecopetrol Global Energy SLU, a company incorporated in Spain, with a 99% ownership interest, and Ecopetrol America Inc, incorporated in the United States, with a 1% share.

ECP Hidrocarburos Mexico has as its object the exploration and extraction of hydrocarbons and will be in charge of subscribing and executing the oil contracts awarded to it in Mexico, starting with those already awarded in a recent tender held in that country.

In June, Ecopetrol Global Energy - a subsidiary of Ecopetrol - in partnership with PC Carigali M?xico was awarded the operation of Block 6 in the oil province of Cuencas del Sureste to extract light oil. Meanwhile, Ecopetrol Global Energy was awarded alongside the Mexican oil company Pemex, the tender for exploration in area 8, in the same province, also to extract light oil.