Reliance, Ecopetrol to Explore Oil in Colombia

6 December 2009 (Last Updated December 6th, 2009 18:30)

India's Reliance Industries (RIL) has signed an agreement with Colombia-based Ecopetrol SA to explore deepwater blocks in the South American country. The agreement includes the exploration of the Borojo North Block 42 and Borojo South Block 43 in Colombia, both covering about 8,000km2 i

India's Reliance Industries (RIL) has signed an agreement with Colombia-based Ecopetrol SA to explore deepwater blocks in the South American country.

The agreement includes the exploration of the Borojo North Block 42 and Borojo South Block 43 in Colombia, both covering about 8,000km2 in water depths, ranging from 60m to 1,500m.

Under the agreement, which has been signed by RIL's wholly owned subsidiary Reliance Exploration and Production DMCC, Ecopetrol will get a 20% stake in the blocks while REP will retain the rest.

The deal is subject to Colombian national upstream regulator ANH's approval.