Ecopetrol Completes Major Acquisition of CPO-09 Block from Repsol in Colombia

Ecopetrol Completes Acquisition of CPO-09 Block

On February 5, 2025, Ecopetrol S.A., a leading integrated energy company in Colombia, announced the successful completion of its acquisition of a 45% stake in Block CPO-09 from Repsol Colombia Oil & Gas Limited for a total of $452 million. This acquisition positions Ecopetrol as the sole holder of the entire stake in the strategic asset, significantly enhancing its operational capabilities in the Piedemonte Llanero region.

The completion of this transaction was contingent on meeting necessary legal and regulatory approvals. The Superintendency of Industry and Commerce determined that the acquisition would not unduly restrict competition and thus was approved without conditions. In addition, an amendment to the Hydrocarbon Exploration and Production Contract for Block CPO-09 was executed by Ecopetrol, Repsol, and the National Hydrocarbons Agency, formalizing the transfer of ownership.

Located in the department of Meta, Colombia, Block CPO-09 encompasses territories in several municipalities including Villavicencio, Acacías, and Granada. By assuming full operational control of this block, Ecopetrol enhances its portfolio in the Llanos Orientales basin, a critical area for hydrocarbon exploration and production.

This acquisition not only bolsters Ecopetrol’s position in the domestic market but also demonstrates its commitment to securing Colombia’s energy future. The company has affirmed the importance of hydrocarbons in transitioning toward sustainable energy projects and ensuring energy stability in the country.

Ecopetrol, established in 1951, is Colombia's largest enterprise and plays a pivotal role in the hydrocarbon market. The company produces over 60% of the country's hydrocarbon output and boasts a diverse portfolio, including stakes in numerous domestic and international oil and gas projects. Following the acquisition of ISA's shares, Ecopetrol has also extended its influence into the energy transmission sector, managing operations not only in Colombia but also in countries such as Brazil, Peru, and Bolivia. The company's international presence extends to strategic basins in the U.S. (Permian Basin and Gulf of Mexico), Brazil, and Mexico, along with telecommunications ventures.

This acquisition reflects a broader strategy for Ecopetrol to enhance its market share and operational footprint in the energy sector, promoting efficiency and sustainable practices in hydrocarbon management.

According to Carolina Tovar Aragón, Head of Capital Markets at Ecopetrol, this transaction aligns with the company’s ongoing goals to strengthen its production capabilities while advancing sustainable practices in its operational strategies. The deal encapsulates Ecopetrol's long-term vision of leading Colombia's energy sector and emphasizes the company's plans for future investments within the hydrocarbon industry.

As Ecopetrol continues to optimize its operational efficiency and exploration initiatives, stakeholders remain hopeful for positive impacts on Colombia's energy landscape and economic growth. The company is poised to play a vital role in shaping the future direction of the nation's energy policies and practices.

In conclusion, the acquisition of Block CPO-09 signals a transformative moment for Ecopetrol and reaffirms its commitment to being a leader in the energy sector, not just in Colombia but across the continent. The pathway forward holds significant promise for sustainable growth and energy security in the years to come.