Ecopetrol completes the acquisition of 45% of Block CPO-09 from Repsol

Ecopetrol has finalized the purchase of Repsol's remaining 45% stake in Block CPO-09 for $452 million. This strategic acquisition strengthens the Colombian company's presence in the Llanos Orientales basin and consolidates its role in hydrocarbon exploration and production.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Ecopetrol S.A. has completed the acquisition of the remaining 45% stake held by Repsol Colombia Oil & Gas Limited in Block CPO-09, located in the Meta department of Colombia. The transaction, valued at $452 million, grants Ecopetrol full ownership of the block, a key asset in the Piedemonte Llanero region. The purchase was executed through the exercise of the right of first refusal under the Joint Operation Agreement (JOA).

Regulatory approval and asset transfer

Before finalizing the transaction, several conditions had to be met. The Superintendency of Industry and Commerce of Colombia approved the acquisition, confirming that it posed no undue restriction on competition. Additionally, on February 5, 2025, an amendment to the Block CPO-09 exploration and production contract was signed by the National Hydrocarbons Agency (ANH), Repsol, and Ecopetrol, formalizing the transfer of the participation stake.

Strategic expansion in the Llanos Orientales

Block CPO-09 spans multiple municipalities in the Meta department, including Villavicencio, Acacias, and Castilla la Nueva. This acquisition aligns with Ecopetrol’s broader expansion strategy, as the company already operates several oil fields in the region, such as Akacias, Chichimene, and Castilla. By securing full control over this area, the company strengthens its asset portfolio and production capacity.

A key position for energy development

The acquisition of Block CPO-09 is part of a broader effort to secure Colombia’s energy resources. Ecopetrol reaffirms its central role in hydrocarbon exploration and production while also supporting the development of energy transition projects. This transaction could have long-term implications for the competitiveness of Colombia’s oil sector and the country’s energy strategy.

Kazakhstan is reviewing Lukoil's stakes in major oil projects after the Russian group announced plans to divest its international assets following new US sanctions.
The Mexican state-owned company reduced its crude extraction by 6.7% while boosting its refining activity by 4.8%, and narrowed its financial losses compared to the previous year.
The new US licence granted to Chevron significantly alters financial flows between Venezuela and the United States, affecting the local currency, oil revenues and the country's economic balance.
Three Crown Petroleum reports a steady initial flow rate of 752 barrels of oil equivalent per day from its Irvine 1NH well in the Powder River Basin, marking a key step in its horizontal drilling programme in the Niobrara.
Cenovus Energy adjusts its MEG Energy acquisition offer to $30 per share and signs a voting support agreement with Strathcona Resources, while selling assets worth up to CAD150mn.
Iraq is negotiating a potential revision of its OPEC production limit while maintaining exports at around 3.6 million barrels per day despite significantly higher capacity.
Le Premier ministre hongrois se rendra à Washington pour discuter avec Donald Trump des sanctions américaines contre le pétrole russe, dans un contexte de guerre en Ukraine et de dépendance persistante de la Hongrie aux hydrocarbures russes.
Nigerian tycoon Aliko Dangote plans to expand his refinery’s capacity to 1.4 million barrels per day, reshaping regional energy dynamics through an unmatched private-sector project in Africa.
COOEC has signed a $4bn EPC contract with QatarEnergy to develop the offshore Bul Hanine oil field, marking the largest order ever secured by a Chinese company in the Gulf.
The group terminates commitments for the Odin and Hild rigs in Mexico, initially scheduled through November 2025 and March 2026, due to sanctions affecting an involved counterparty, while reaffirming compliance with applicable international frameworks.
Shell has filed an appeal against the cancellation of its environmental authorisation for Block 5/6/7 off the South African coast, aiming to continue exploration in a geologically strategic offshore zone.
The Greek government has selected a consortium led by Chevron to explore hydrocarbons in four maritime zones in the Ionian Sea and south of Crete, with geophysical surveys scheduled to begin in 2026.
Algerian company Sonatrach has resumed exploration activities in Libya's Ghadames Basin, halted since 2014, as part of a strategic revival of the country's oil sector.
The Indian refiner segments campaigns, strengthens documentary traceability and adjusts contracts to secure certified shipments to the European Union, while redirecting ineligible volumes to Africa and the Americas based on market conditions.
US authorities have authorised a unit at Talen Energy’s Wagner plant in Maryland to operate beyond regulatory limits until the end of 2025 to strengthen grid reliability.
Gran Tierra Energy has signed a crude oil sale agreement with a $200mn prepayment and amended its Colombian credit facility to improve financial flexibility.
Operations at BP’s 440,000 barrel-per-day Whiting refinery have resumed following a temporary shutdown caused by a power outage and a minor fire incident.
The European Union targets a trading subsidiary and a refinery linked to China National Petroleum Corporation, tightening access to financial and insurance services without disrupting pipeline deliveries, with reallocations expected in settlements, insurance, and logistics. —
Viktor Orban says he is working to bypass recent US sanctions targeting Rosneft and Lukoil, underscoring Hungary’s continued reliance on Russian hydrocarbons.
Traceability requirements from the EU (European Union) on fuel origin are reshaping Indian refined flows, with a shift toward Africa and Brazil supported by local premiums and a decline in Russian exports.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.