Ecopetrol can take over 10% of Saturn's block

The Colombian oil company Ecopetrol can take a 10% slice in the Saturn block, which was bid at the end of 2019, after authorization from the Ministry of Mines and Energy for operation in which Chevron and Shell gave part of their slices in the asset to the company.

According to the order of the Mine and energy portfolio in the Official Gazette of this Wednesday, the transfer of 5% of Shell and 5% of Chevron to Ecopetrol was authorized in the sharing contract for the area, after legal analysis of the transaction.

The business is conditioned solely to the replacement of the financial collateral of the minimum exploratory program of the block before the signature of the contract additive.

The block of Saturn, in the pre-salt of the Santos basin, was originally taken over by Anglo-Dutch Shell and American Chevron at the auction of the National Agency of Petroleum, Natural Gas and Biofuels (ANP) in September 2018.[nL2N1WE0P8]

The consortium between companies, in which each owned 50% before trading with Ecopetrol, has Shell as its operator.

The 2018 event that involved the block of Saturn still marked the first time that Ecopetrol was with areas in the Brazilian pre-salt under sharing regime. The company won along with BP Energy and CNOOC The dispute for the block of Pau Brazil in the bidding.

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