Indian energy major Reliance Group has signed a deal with Colombian state oil firm Ecopetrol for two deepwater blocks in Colombia.
Reliance said Exploration and Production DMCC (REP) has signed an agreement with Ecopetrol under which the Colombian firm would take a 20 per cent stake in the two deepwater blocks -- Borojo North Block 42 and the Borojo South Block 43.
The two blocks cover an area of 8,000 sq km. In water depths ranging from 60-1500 metres, the company said.
REP would hold the remaining stake in the two blocks and the deal is subject to approval of the Columbia's upstream regulator, company said.
Source:http://www.business-standard.com/india/news/ril-ecopetrol-ink-pact-for-deep-water-blocks/80002/on
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