One-Page Deal Sheet
Ecopetrol Farms-in with StatOil in Gulf of Mexico
Ecopetrol S.A. Not Disclosed
Announced Date
December 23,2008
Close Date
December 23,2008
Transaction Type
Farm-In/Farm Out
Enterprise Value (EV)($MM)
160
Asset/Basin:
{"Gulf of Mexico Deepwater"}
Location
Country
United States
State
Texas
Transaction Details: Subscribe to see
Today, Ecopetrol entered into a farm-in agreement with Norwegian StatoilHydro to drill three exploratory wells in deep waters of the Gulf of Mexico in the United States, during the next two years.
The agreement provides that Ecopetrol will have interests ranging from 20% to 30% in the prospects. Preliminary evaluations indicate that the initial investment of Ecopetrol could exceed US$160 million.
In addition, Ecopetrol and StatoilHydro have agreed to undertake a process for maturing several prospects during the next seven years.
The agreement enables Ecopetrol to consolidate its…
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