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:

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.

The expansion of the global oil and gas fishing market is accelerating on the back of offshore projects, with annual growth estimated at 5.7% according to The Insight Partners.
The Competition Bureau has required Schlumberger to divest major assets to finalise the acquisition of ChampionX, thereby reducing the risks of market concentration in Canada’s oilfield services sector. —
Saturn Oil & Gas Inc. confirms the acquisition of 1,608,182 common shares for a total amount of USD3.46mn, as part of its public buyback offer in Canada, resulting in a reduction of its free float.
OPEC slightly adjusts its production forecasts for 2025-2026 while projecting stable global demand growth, leaving OPEC+ significant room to increase supply without destabilizing global oil markets.
Talks between European Union member states stall on the adoption of the eighteenth sanctions package targeting Russian oil, due to ongoing disagreements over the proposed price ceiling.
Three new oil fields in Iraqi Kurdistan have been targeted by explosive drones, bringing the number of affected sites in this strategic region to five in one week, according to local authorities.
An explosion at 07:00 at an HKN Energy facility forced ShaMaran Petroleum to shut the Sarsang field while an inquiry determines damage and the impact on regional exports.
The Canadian producer issues USD 237 mn in senior notes at 6.875 % to repay bank debt, repurchase USD 73 mn of 2027 notes and push most of its maturity schedule to 2030.
BP revised upwards its production forecast for the second quarter of 2025, citing stronger-than-expected results from its US shale unit. However, lower oil prices and refinery maintenance shutdowns weighed on overall results.
Belgrade is engaged in complex negotiations with Washington to obtain a fifth extension of sanctions relief for the Serbian oil company NIS, which is majority-owned by Russian groups.
European Union ambassadors are close to reaching an agreement on a new sanctions package aimed at reducing the Russian oil price cap, with measures impacting several energy and financial sectors.
Backbone Infrastructure Nigeria Limited is investing $15bn to develop a 500,000-barrel-per-day oil refinery in Ondo State, a major project aimed at boosting Nigeria’s refining capacity.
The Central Energy Fund’s takeover of the Sapref refinery introduces major financial risks for South Africa, with the facility still offline and no clear restart strategy released so far.
PetroTal Corp. records production growth in the second quarter of 2025, improves its cash position and continues replacing key equipment at its main oil sites in Peru.
An explosion caused by a homemade explosive device in northeastern Colombia has forced Cenit, a subsidiary of Ecopetrol, to temporarily suspend operations on the strategic Caño Limón-Coveñas pipeline, crucial to the country's oil supply.
U.S. legislation eases access to federal lands for oil production, but fluctuations in crude prices may limit concrete impacts on investment and medium-term production, according to industry experts.
Permex Petroleum Corporation has completed a US$2mn fundraising by issuing convertible debentures, aimed at strengthening its cash position, without using intermediaries, and targeting a single institutional investor.
Petróleos de Venezuela S.A. (PDVSA) recorded $17.52bn in export sales in 2024, benefiting from increased volumes due to U.S. licences granted to foreign partners, according to an internal document seen by Reuters.
The detection of zinc in Mars crude extracted off the coast of Louisiana forced the US government to draw on its strategic reserves to support Gulf Coast refineries.
Commissioning of a 1.2-million-ton hydrocracking unit at the TANECO site confirms the industrial expansion of the complex and its ability to diversify refined fuel production.