The company will own a 30% stake in the block, while Ecopetrol and Petrobras will hold 30% and 40% interests, respectively.
The Tayrona block is covered by a hydrocarbon exploration and exploitation contract signed with the National Hydrocarbons Agency in mid-2004 and covers an area of 16,000 sq km.
The agreement is part of Repsol’s 2014 Horizon strategic planning, in which the upstream business is the growth-driver for the company.
Repsol said that it already has a number of successful operations in the Caribbean Sea, including the Cardon IV block in Venezuela.
