Options approach aids development decision for Colombian field

07/19/2004
An options evaluation approach aided Empresa Colombiana de Petróleos (Ecopetrol), Colombia's state-owned oil company, in making a decision on whether to participate in developing the newly discovered Guando field.In June 2002, the Guando staged development plan, submitted by license operator Petróleo Brasileiro SA (Petrobras), 30% working interest, and partner Nexen Inc., 20%, awaited Ecopetrol's approval.If Ecopetrol, holding the remaining 50% working interest, elected not to participate in the development plan, its partners had the option to develop the field under the sole-risk provisions in the Boqueron Association Contract.Guando development plan Click here to enla...
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