Cepsa's subsidiary Cepsa Colombia has finalized the process to acquire exploration and production rights to the Caracara Block in Colombia.
After having received all the required regulatory approvals, Cepsa is now the operator of the block, with a 70% interest, with the remaining 30% being held by Colombia’s state-owned oil company Ecopetrol.
This deal reportedly fits into Cepsa’s strategic plan to raise its level of reserves and production. Cepsa Colombia has completed the acquisition process to secure exploration and production rights to the Caracara Block, located in the Los Llanos Basin in the central portion of the country.
Output from the Caracara Block, measuring approximately 47,200 hectares, currently amounts to over 20,000 barrels of oil per day, with estimated reserves of 40 million barrels.