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Friday, December 4, 2009

RIL in deal with Colombia's Ecopetrol

Energy major Reliance Industries said on Friday one of its units signed a deal with Colombian state oil firm Ecopetrol for two deepwater blocks in Colombia.

Under the deal, Ecopetrol will take a 20 percent stake in the Borojo North Block 42 and the Borojo South Block 43, which together cover an area of about 8,000 square kilometres in water depths ranging from 60-1,500 metres, Reliance said in a statement.

Reliance's unit will hold the rest of the stake in the blocks and will be their operator. The deal is subject to approval from Colombia's upstream regulator.

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