With this operation, the Colombian state oil company adds nearly 41 million barrels to its reserves. The transaction is valued at US$ 452 million.

Ecopetrol announced on Wednesday that it has completed the purchase of the 45% stake held by the Spanish multinational Repsol in the CPO-09 oil block, located in the department of Meta, in the center of the country.

The transaction, valued at US$452 million, allows the state oil company to take full control of the operation in this strategic area for crude oil production.

The deal was approved by the National Hydrocarbons Agency (ANH) and the Superintendency of Industry and Commerce (SIC), which determined that the transaction does not represent an undue restriction on competition and, therefore, did not require any objections or additional conditions.

With this acquisition, Ecopetrol not only expands its presence in the Llanos Orientales basin, but also adds nearly 41 million barrels to its reserves.

In addition, it projects an increase in its daily production of approximately 7,000 barrels of oil.

According to the state oil company, the purchase was made under the right of preference it had under the Joint Operation Contract. This occurred after Repsol and Geopark announced a prior agreement on November 29.