Colombia’s Ecopetrol forms offshore E&P unit

Ecopetrol SA reported that its wholly owned subsidiary Hocol Petroleum Ltd. has formed a new company, Ecopetrol Costa Afuera Colombia SAS, which will be responsible for offshore exploration and production activities in Colombia. Currently, offshore E&P work is being carried out by Ecopetrol, both as operator and non-operator.

Ecopetrol SA reported that its wholly owned subsidiary Hocol Petroleum Ltd. has formed a new company, Ecopetrol Costa Afuera Colombia SAS, which will be responsible for offshore exploration and production activities in Colombia. Currently, offshore E&P work is being carried out by Ecopetrol, both as operator and non-operator.

The new unit will benefit from the tax, tariff, and other benefits of Decree 2682 of 2014, as recently modified by Decree 2129 of 2015, which establishes the conditions and requirements for forming permanent offshore free trade zones in Colombia, the company said.

Ecopetrol Costa Afuera Colombia, which is an indirect subsidiary of Ecopetrol, will be based in Colombia.

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