Colombia's Ecopetrol to explore Gulf of Mexico gas
BOGOTA, Oct 22 (Reuters) - Colombian state-run oil operator Ecopetrol ECO.CN said on Wednesday it would explore offshore in the Gulf of Mexico for natural gas with affiliates of BP (BP.L) with an initial investment of $120 million.
Ecopetrol, which raised $2.8 billion in an initial public offering of 10.1 percent of the company last year, is already operating in the Gulf of Mexico after purchasing oil blocks from U.S.-based Union Oil for $510 million in September.
Ecopetrol expects to invest around $4.2 billion this year, of which $1.9 billion will develop oil and gas production and another $467 million will go to exploration activities.
The Colombian company and BP are already partners operating in oil and gas projects in the country's Casanare province.
Colombia expects to hit record energy investment this year as better contract terms and President Alvaro Uribe's U.S.-backed crackdown on leftist rebels attracts more exploration in the Andean country. (Reporting by Javier Mozzo, writing by Patrick Markey in Bogota)
