Ecopetrol acquires Repsol's 45% stake in the CPO-9 block

This Ecopetrol press release was translated from Spanish by an automated system

On Sunday, December 29, 2024, Ecopetrol successfully concluded negotiations with Repsol to acquire the remaining 45% of its stake in the CPO-09 block, located in the department of Meta. With this transaction, Ecopetrol becomes the owner of 100% of this strategic asset in the Piedemonte Llanero.

This block is located in the municipalities of Villavicencio, Acacías, Guamal, Castilla La Nueva, San Martín, Lejanías, El Dorado, El Castillo and Granada. The transaction was carried out under the right of preference granted to Ecopetrol within the framework of the joint operating agreement (JOA) and is the result of the transaction previously announced between Repsol and Geopark on November 29.

With this acquisition, Ecopetrol will add nearly 41 million barrels to its reserves and projects an increase in its daily production of approximately 7,000 barrels of oil. This operation strengthens Ecopetrol's position in the exploitation of the Llanos Orientales basin and consolidates its presence in the region.

To complete this transaction, it will be necessary to carry out the corresponding procedures before the National Hydrocarbons Agency and the Superintendence of Industry and Commerce, which will be carried out in the coming days.

Ecopetrol reaffirms its commitment to the country's energy future, highlighting the importance of hydrocarbons as a key resource for energy sustainability, while advancing solidly towards a fair and responsible energy transition.