ExxonMobil Corp. and Colombia’s Ecopetrol each signed a 50-50 joint contract individually with Repsol for offshore exploration and production in offshore blocks in the Caribbean Sea.
Repsol will remain the operator of the blocks—COL-4 and GUA-OFF-1. ExxonMobil is the partner in COL-4, and Ecopetrol is the partner in GUA-OFF-1.
COL-4 block is 60 miles north of Bolivar province. GUA-OFF-1 block is north of La Guajira province. Each block covers about 988,000 acres.
Colombia’s government recently amended its contract terms for offshore exploration.