Ecopetrol and Eni Will Drill 5 Prospects in the Gulf of Mexico

The five prospects will be selected from a portfolio of prospects to be presented by Eni and evaluated by both companies.

Pursuant to the agreement, Ecopetrol will hold between 20% to 25% of the prospects. Initial assessments indicate that Ecopetrol's investment may amount to US$220 million.

The agreement enables Ecopetrol to consolidate its internationalization process, particularly in the GoM, where it already participates in exploration blocks, together with a number of its partners, including Shell and BP. Ecopetrol is also present in the area through its participation in the production blocks in the K2 field operated by Anadarko.

In addition to increasing its presence in one of the world's most prospective regions for oil and gas production, this partnership enables Ecopetrol to diversify its exploratory risk and acquire know-how and technology for the development of deep sea projects.

Ecopetrol and Eni also signed a memorandum of understanding to develop joint exploration and production opportunities inSouth America and other parts of the world.

The participation agreement and the memorandum of understanding were signed inBogota with the attendance of Ecopetrol's President, Javier Gutierrez, and executives from Eni.

Ecopetrol isColombia's largest company among the top 40 oil companies in the world and one of the four largest oil companies inLatin America. Other than inColombia, where over 60% of Ecopetrol's domestic production is concentrated, it is involved in exploration and production activities in Brazil,Peru andthe United States (GoM). Ecopetrol owns and operates the principal refinery inColombia, is the largest holder of oil and multiple purpose pipelines in the country and is increasing its participation in bio-fuels.

Eni currently holds interests in 408 blocks in theGulf of Mexico, 70% of which are in deep sea, and it is one of the major oil producers in the GoM with a production of over 100,000 barrels of equivalent oil per day, operating 60% of those blocks. In addition, Eni holds interests throughoutSouth America and is participating in Exploration and Production projects in over 70 countries worldwide.

    For more information, contact:
    Claudia Aldana
    Investor Relations Officer
    Phone: +571-234-5190
    Fax: +571-234-5628
    Email: investors@ecopetrol.com.co

SOURCE Ecopetrol

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