Ecopetrol SA’s US subsidiary is the apparent high bidder on 19 blocks in the Oil & Gas Lease Sale 213 held by the US Minerals Management Service in New Orleans.
The company's interest in five of the blocks is 100%. In ten blocks submitted bids in partnership with Repsol E&P USA with interests ranging between 40% and 60% for Ecopetrol. In the remaining four blocks bids were placed in partnership with Eni Petroleum US LLC, with a 25% interest for Ecopetrol.
Total bids submitted by Ecopetrol amount to roughly US$15 million.
These blocks will allow deep sea hydrocarbon exploration at depths of over 400 meters for a 5 to 10-year period.
The Gulf of Mexico is one of the company’s focus areas. Part of the company’s strategy is to reach production of one million barrels of oil equivalent per day in 2015.
Overall, Ecopetrol, Colombia’s largest integrated oil company, has reported its 2010 investment plan will total US$6.93 billion, an increase of 11% compared to the US$6.224 billion approved for 2009.