BOGOTA, Colombia, Aug. 19, 2015 /CNW/ -- The Board of
Directors of Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP),
in its meeting held on August 14,
2015, 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, the ANH's approval will be
sought in order to assign Ecopetrol S.A.'s contractual rights under
the exploration and production contracts of the offshore
blocks in which it is operator and non-operator.
Ecopetrol is the largest company in Colombia and is an integrated oil and gas
company; it is among the top 40 oil companies in the world and
among the top four oil companies in Latin
America. Besides Colombia –
where it generates over 60% of the national production – it has
exploration and production activities in Brazil, Peru,
and the US (Gulf of Mexico).
Ecopetrol owns the largest refinery in Colombia, most of the pipeline and
multi-product pipeline network in the country, and is significantly
increasing its participation in bio-fuels.
This release contains statements that may be considered
forward looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933 and Section 21E of the U.S. Securities
Exchange Act of 1934. All forward-looking statements, whether made
in this release or in future filings or press releases or orally,
address matters that involve risks and uncertainties, including in
respect of the Company's prospects for growth and its ongoing
access to capital to fund the Company's business plan, among
others. Consequently, changes in the following factors, among
others, could cause actual results to differ materially from those
included in the forward-looking statements: market prices of oil
and gas, our exploration and production activities, market
conditions, applicable regulations, the exchange rate, Ecopetrol's
competitiveness and the performance of Colombia's economy and industry, to mention a
few. We do not intend, and do not assume any obligation to update
these forward-looking statements.
For further information, please contact:
Head of
Corporate Finance and Investor Relations
Maria Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
E-mail: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.