Ecopetrol announces the agreement to purchase Repsol's 45% stake in block CPO 09

BOGOTA, Colombia, Dec. 30, 2024 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (the "Company") announces that on Sunday, December 29, 2024, Ecopetrol successfully concluded negotiations with Repsol to acquire the remaining 45% of its stake in block CPO-09, located in the Meta department. With this transaction, Ecopetrol becomes the sole owner of this strategic asset in the Piedemonte Llanero.

This block is located in the municipalities of Villavicencio, Acacías, Guamal, Castilla La Nueva, San Martín, Lejanías, El Dorado, El Castillo, and Granada. The transaction was carried out under the right of first refusal granted to Ecopetrol within the framework of the Joint Operating Agreement (JOA) and is the result of the previously announced transaction between Repsol and Geopark on November 29.

With this acquisition, Ecopetrol expect to add approximately 41 million barrels to its reserves and estimates an increase in its daily production by approximately 7,000 barrels of oil. This operation strengthens Ecopetrol's position in the exploitation of the Llanos Orientales basin and consolidates its presence in the region.

To complete this transaction, it will be necessary to carry out the corresponding procedures before the National Hydrocarbons Agency and the Superintendency of Industry and Commerce, which we expect to undertake in the coming days.

Ecopetrol reaffirms its commitment to the country's energy future, highlighting the importance of hydrocarbons as a key resource for energy sustainability, while steadily advancing towards a fair and responsible energy transition.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

For more information, please contact:

Head of Corporate Communications
Angela Maria De la Pava Londoño
Email: investors@ecopetrol.com.co 

Head of Press
Juan Pablo Pacavita
Email: juan.pacavita@ecopetrol.com.co

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SOURCE Ecopetrol S.A.