Colombia Ecopetrol To Invest $50 Mln in Explorations in Peru

Colombian state oil company Ecopetrol plans to invest $50 mln (34.2 mln euro) for the exploration at three hydrocarbon lots in Peru by the end of 2008, Ecopetrol president, Javier Gutierrez, said on November 22, 2007.

Ecopetrol will participate in the exploration of the Lot 90 together with Repsol Exploracion Peru, as well as of the Lots 101 and 134 with local subsidiary of Canadian Talisman Energy.

Separately, Ecopetrol along with Brazil's oil and gas giant Petrobras and Peruvian state oil company Petroperu signed an agreement to carry out a technical evaluation in six areas in the Maranon basin, Peru's northern Loreto region. Each company will have a 33.33 pct stake and Petrobras will be the technical evaluation operator.

Peru is among the first countries to become part of Ecopetrol's expansion abroad.

The company seeks to expand by establishing alliances with other companies and is engaged in talks with some operators in Peru, Gutierrez said.

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