By Inti Landauro
Last update: 4:40 a.m. EST Dec. 13, 2007
BOGOTA (MarketWatch) — Colombia’s state-owned oil company Ecopetrol SA has teamed up with Royal Dutch Shell PLC to seek oil and gas in a deep-water area in the U.S.-controlled part of the Gulf of Mexico.
The new partnership, which also includes Newfield Exploration Co. will seek oil and gas in the blocks 777 and 778, the prospect Clearwater, in the area known as Garden Banks, Ecopetrol said Wednesday in a statement.
Shell will hold 65% in the new venture, while Ecopetrol will own 25% and Newfield 10%.
“Everything will depend on how things would go, but the total amount invested might reach $100 million and we would go with a part corresponding to our stake,” Ecopetrol’s Chief Executive Javier Gutierrez told Dow Jones Newswires. read more
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