Ecopetrol to form new subsidiary for offshore developments
BOGOTA, Colombia -- Ecopetrol’s board of directors has authorized the creation of a Colombian company indirectly wholly owned by Ecopetrol S.A.
The creation of the new subsidiary seeks to develop offshore activities in Colombia, which the company currently carries out as operator and non-operator, and take advantage of the benefits of Decree 2682/14, "pursuant to which the conditions and requirements are established for declaring the existence of Permanent Offshore Free Trade Zones."
Once the new company is created, approval will be sought from the ANH—which manages Colombia's oil and gas resources—in order to assign Ecopetrol's contractual rights under the exploration and production contracts of the offshore blocks in which it is operator and non-operator.
