Ecopetrol, Colombia’s largest oil company, will establish a subsidiary focused primarily on the development of the country’s offshore resources.
In a statement issued Wednesday, Ecopetrol said: “The creation of the new subsidiary seeks to develop offshore activities in Colombia, which the company currently carries out as operator and non-operator, and take advantage of the benefits of Decree 2682/14, pursuant to which the conditions and requirements are established for declaring the existence of Permanent Offshore Free Trade Zones”.
Once the new company is created, Ecopetrol said, the Agencia Nacional de Hidrocarburo’s approval will be sought in order to assign Ecopetrol S.A.’s contractual rights under the exploration and production contracts of the offshore blocks in which it is operator and non-operator.