This is a key asset in the Piedemonte Llanero, in the department of Meta, which after the negotiation will become 100% property of the largest company in Colombia.

On Sunday, December 29, the Colombian oil company Ecopetrol announced that negotiations with the multinational Repsol to acquire 45% of the latter's participation in the CPO-09 oil block, located in the department of Meta, had been successfully concluded.

Thus, the Colombian company becomes the sole owner of the asset.

According to the company in a press conference, this is a strategic block for the industry due to its location in the Llanero Foothills, near the municipalities of Villavicencio, Acacías, Guamal, Castilla La Nueva, San Martín, Lejanías, El Dorado, El Castillo and Granada.

The company also noted that the transaction was carried out under the right of preference granted to Ecopetrol under the Joint Operating Agreement (JOA) and is also the result of the previously announced transaction between Repsol and Geopark on November 29.

“With this acquisition, Ecopetrol will add nearly 41 million barrels to its reserves and expects an increase in its daily production of 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,” the company reported.

Following the announcement, the parties must complete the transaction with the corresponding procedures before the Colombian authorities, specifically the National Hydrocarbons Agency of Colombia (ANH) and the Superintendence of Industry and Commerce (SIC). The oil company assured that these procedures will be carried out in the next few days.

“Ecopetrol reaffirms its commitment to the country's energy future, highlighting the importance of hydrocarbons as a key resource for energy sustainability, while making solid progress towards a fair and responsible energy transition,” the firm concluded in its statement on Sunday.