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Ecopetrol (EC) Makes Shell 50% Partner in Colombian Blocks Zacks.com 12/29/2020
Ecopetrol S.A. EC announced the completion of a pre-agreed acquisition of its 50% stake in three deepwater oil and gas blocks of Colombia by Shell EP Offshore Ventures Limited, a subsidiary of
Royal Dutch Shell Plc RDS.A.
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Shell now owns interest in the Fuerte Sur, Purple Angel and COL-5 blocks, placed in the deepwaters of the Caribbean Sea offshore Colombia where a new gas province including the Kronos (2015), Purple Angel and the Gorgon (2017) wells were found. Per Ecopetrol, the deal was consummated on Dec 23.
Notably, Shell now being the new operator of the blocks, will contribute its know-how to address the technical challenges caused by offshore operations. Beside, this oil and gas supermajor will fund Ecopetrol s investments.