Ecopetrol through its affiliate, Ecopetrol America, has submitted competitive bids for 26 blocks in the central part of the US Gulf of Mexico. The company has said that in 15 of the bids, Ecopetrol was the sole participant. In the remaining 11 bids, Ecopetrol participated jointly with Repsol E&P USA, with Ecopetrol’s participation ranging from 40% to 60%.
According to the company, the bids submitted for the 26 blocks is an aggregate amount of $20.5 million, plus a lease-cost per block of nearly $60,000 per annum.
It is estimated that the investment to be made by the company in these blocks will exceed $20 million in three years, not including well drilling.
The Mineral Management Services (MMS), a US governmental agency, will allow hydrocarbon exploration of up to 400m into deep water for a period of eight years to 10 years. The next step in the bidding process is the allocation of awards by MMS, which will take place within 60 days to 90 days, said the company.
Ecopetrol SA claims to be the largest company in Colombia and is an integrated company in the chain of oil, located among the 40 largest oil companies in the world . In addition to Colombia, where for more than 60% of national production, has a presence in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico).Â
