Oil major Shell has acquired a 50 percent stake in Fuerte Sur, Purple Angel, and COL-5 blocks offshore Colombia from the country’s largest oil and gas company Ecopetrol.
Ecopetrol said that the three blocks, located in the Colombian Caribbean deepwater, were bought by Shell’s subsidiary Shell EP Offshore Ventures Limited.
Following this commercial agreement, which includes the financing of Ecopetrol’s investments by Shell, the latter will assume the operation of the blocks, the drilling of an appraisal well in the area by the end of 2021 and the completion of the first production test, once approvals from authorities are received.
Ecopetrol added that, if these activities provided positive results, the discoveries could be further developed and consequently, expand the country’s gas supply in the medium term, potentially exceeding 3 tcf.
It is worth noting that the agreement between Ecopetrol and Shell is subject to approval by the National Hydrocarbon Agency and the fulfillment of other customary transaction conditions.
To remind, Ecopetrol awarded a 3D Isometrix seismic survey on the COL-5 block to Shearwater GeoServices back in September 2019.
As for recent transactions with Shell, Ecopetrol bought a 30 percent stake in Shell’s Gato do Mato project in the Santos Basin offshore Brazil in October of last year.
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