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Reuters: Colombia’s Ecopetrol inks offshore deal with Shell

Wed Dec 12, 2007 4:18pm EST

BOGOTA, Dec 12 (Reuters) – Colombia’s state oil company Ecopetrol ECO.CN has signed a deal with Royal Dutch Shell (RDSa.L: Quote, Profile, Research) to explore two offshore fields in the Gulf of Mexico, its U.S. unit Ecopetrol America said on Wednesday.

Ecopetrol said it had signed a participation agreement with Shell and Newfield Exploration to explore blocks 777 and 778 in the Garden Banks area of the gulf.

Shell will have a 65 percent participation and will be the operator of the fields while Ecopetrol will have 25 percent and U.S. company Newfield (NFX.N: Quote, Profile, Research) 10 percent in the deal.

Ecopetrol said the Gulf of Mexico deal forms part of its international expansion plans. (Reporting by Patrick Markey in Bogota)

http://www.reuters.com/article/companyNewsAndPR/idUSN1265171420071212

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