Ecopetrol Completes Transaction with Repsol to Acquire 45% of its Participation in Block CPO-09

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) has confirmed that on February 5, 2025, it completed the transaction with Repsol Colombia Oil & Gas Limited to acquire the remaining 45% of its participation in the CPO-09 Block, for an amount of $452 million USD, making it the holder of 100% of the participation interest in the block, a strategic asset in the Piedemonte Llanero. This transaction is the result of the exercise of the right of first refusal by Ecopetrol within the framework of the Joint Operation Agreement (JOA).

The closing of this transaction occurred after the fulfillment of the following conditions:

• The determination made by the Superintendency of Industry and Commerce of Colombia states that the transaction does not generate an undue restriction of competition, so it does not merit objection or conditioning, thus ending the administrative pre-evaluation process.
• The execution of the corresponding amendment to the Hydrocarbon Exploration and Production Contract CPO-09 on February 5, 2025, by the National Hydrocarbons Agency, Repsol, and Ecopetrol, formalized the transfer of the 45% of the participation interest that Repsol had in that agreement in favor of Ecopetrol.

The CPO-09 block is located in the department of Meta, Colombia, in the municipalities of Villavicencio, Acacias, Guamal, Castilla la Nueva, San Martín, Lejanias, El Dorado, El Castillo, and Granada.

This transaction strengthens Ecopetrol’s position in the exploration and production of hydrocarbons in the Llanos Orientales basin. It consolidates its presence in the region as the operator of the Akacias, Chichimene, Castilla, Apiay, Suria, Libertad—Reforma, Pachaquiaro, and Caño Sur fields, among others. Likewise, it reaffirms its commitment to the country’s energy future, highlighting the importance of hydrocarbons as a key resource for developing energy transition projects, ensuring the country’s energy sustainability.

Photo credit: Ecopetrol.