KNOC, Ecopetrol buy Peru offshore operator

Korea National Oil Corp. and Colombia's state-run Ecopetrol have completed the acquisition of Offshore International Group, Houston, whose main asset is Petro-Tech Peruana SA.

Feb 8th, 2009

By OGJ editors
HOUSTON, Feb. 8 -- Korea National Oil Corp. and Colombia's state-run Ecopetrol have completed the acquisition of Offshore International Group, Houston, whose main asset is Petro-Tech Peruana SA.

Purchase price is $900 million, split 50-50 by KNOC and Ecopetrol.

Petro-Tech Peruana began operating in January 1994 on Block Z2B along Peru's north coast and has built production to 12,000 b/d. Its proved and probable reserves are estimated at more than 100 million bbl. KNOC and Ecopetrol set a goal to more than double production within 3 years.

Petro-Tech Peruana holds one producing and 10 exploration blocks in Peru that total 9.5 million ha.

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