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Three wells that have discovered light hydrocarbons have been drilled in these two blocks. The
consortium will continue executing activities and operations in order to initiate production in coming
years.
"Joining this discovery
in the Brazilian Pre-Salt
with world-class
companies is part of our
growth and
internationalization
strategy, focused on high
potential basins such as
Santos in Brazil. This
acquisition balances our
production portfolio by
adding light
hydrocarbons. In 2018
we announced the entrance
into the Pre-Salt,
an area with one of the
greatest potential in the
continent. Today we
strengthen our presence
by being part of a
discovery that will give
us production in a few
years" said Felipe Bayon,
president of
Ecopetrol.
According to Ecopetrol's estimates, the company could incorporate some 90 million barrels of crude in
contingent resources as of 2020, which will be gradually added to its balance of reserves. Ecopetrol also
estimates that its share of production could total around 20,000 barrels per day of crude in 2025.
This agreement is in line with the company's strategy of capital discipline and sustainable growth in reserves
and production and strengthens Ecopetrol's position in the Santos basin in Brazil.
The Gato do Mato stake will add to our current position at Pau-Brasil and Saturno blocks.
The agreement signed by Ecopetrol Óleo e Gás do Brasil Ltda. and Shell Brasil Petróleo Ltda. is subject
to the respective approvals of assignment to Ecopetrol by Brazil's Ministry of Mines and Energy, the
country's National Agency of Petroleum, Natural Gas and Biofuels and other customary transaction
conditions.
Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the
world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the
country's production, it is active in exploration and production in Brazil, Mexico, Peru and the
United States (Gulf of Mexico). Ecopetrol operates the largest refinery in Colombia, most of the country's
oil-pipeline and polyduct network, and is significantly increasing its share of bio-fuels.
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