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ExxonMobil signs upstream participation agreement to begin exploration activities offshore Colombia

Posted: 08 May 2004

Exxon Mobil Corporation affiliate, ExxonMobil de Colombia S.A., together with Ecopetrol and Petrobras, signed a participation agreement to begin exploration activities offshore Colombia.

The agreement covers the 11-million-acre (4.4 million hectares) Tayrona block, off Colombia's northern coast in the Caribbean Sea. Petrobras will be the operator during the exploration phase, and ExxonMobil will be the operator for the development phase in the event that gas is discovered on the block.

“ExxonMobil is particularly proud to be part of this opportunity, as it is but another chapter in our long relationship with the Colombian hydrocarbon sector and Ecopetrol,” said Jon L. Thompson, president of ExxonMobil Exploration Company. “We look forward to quickly concluding the remaining contract negotiations with the Government of Colombia.”

ExxonMobil has operated in Colombia since the early 1900's. For the past 50 years, ExxonMobil has marketed and sold gasoline, fuels and lubricants in Colombia under its Esso and Mobil brands. It has also participated in exploration and production activities, operated a coal mining business, and imported and sold chemicals for industrial uses for many years.

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Posted by Richard Price, Editor

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