Ecopetrol, Repsol acquire oil blocks in Gulf of Mexico

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Colombia’s state-run oil company Ecopetrol ECO.CN, in partnership with Spain’s Repsol (REP.MC), has acquired four new blocks in the Gulf of Mexico for deep water oil exploration, Ecopetrol said on Friday.

Ecopetrol’s U.S. subsidiary, Ecopetrol America Inc., and Repsol can explore the blocks for five years at a depth of about 240 meters.

The blocks, Garden Banks 77, 78, 121 and 122, are close to platforms and existing infrastructure, allowing for early production if there is a discovery, Ecopetrol said in a statement.

The new blocks are part of Ecopetrol’s deep-water focused efforts to increase its reserves and production. The company currently produces more than 12,000 barrels per day in the Gulf of Mexico.

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