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home / news releases / EC - Ecopetrol Occidental to develop four oil blocks offshore Colombia

EC - Ecopetrol Occidental to develop four oil blocks offshore Colombia

Ecopetrol S.A. American Depositary Shares
Ecopetrol (NYSE:EC) announced an agreement on Wednesday to develop four deepwater blocks off the coast of Colombia with Occidental Petroleum (NYSE:OXY), according to Reuters. Ecopetrol (EC) said it will take a 40% stake in the blocks while Occidental (OXY) subsidiary Anadarko Colombia will have a 60% stake and will serve as operator. The deal is subject to approval from Colombia's oil regulator, the company said. Occidental Petroleum (OXY) "is about to crush its debt and own the house," Open Square Capital writes in a bullish analysis newly published on Seeking Alpha.

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Ecopetrol, Occidental to develop four oil blocks offshore Colombia
Stock Information
Company Name: Ecopetrol S.A. American Depositary Shares
Stock Symbol: EC
Market: NYSE
Website: ecopetrol.com.co
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