Ecopetrol S.A. and Petrobras Colombia Limited have signed an agreement with Repsol Exploracion Colombia so that the latter company can take part in the exploration of the Tayrona block, located off Colombia's Caribbean coast.

Repsol will assume a 30% share in the block. Ecopetrol will retain 30%, and Petrobras, which holds the remaining 40%, will continue as operator.

This agreement is subject to authorization of the assignment of interests by the National Agency of Hydrocarbons (ANH - Agencia Nacional de Hidrocarburos).

The block, which has an area of approximately 1,657,900 hectares, comprises a part of the projects under way off Colombia's Caribbean coast, where Ecopetrol is moving forward with exploration activities with other partners.

The Tayrona block is covered by a hydrocarbon exploration and exploitation contract signed with the Agency in mid-2004.

Tags: Ecopetrol S.A., Repsol