SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES
EXCHANGE ACT OF 1934
June
2010
Commission
File Number: 333-153452
ECOPETROL
S.A.
(Exact
name of registrant as specified in its Charter)
Carrera 7
No. 37 – 69
BOGOTA –
COLOMBIA
(Address
of registrant’s principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
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Form
20-F
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x
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Form
40-F
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o
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):
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Yes
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o
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No
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x
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
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Yes
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o
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No
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x
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Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes
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o
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No
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x
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If
“Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
N/A
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PRESS
RELEASE
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ECOPETROL TAKES OVER CUPIAGUA
OPERATIONS
- Fields produce 26 thousand barrels per
day
- Basic production royalties to increase
12 points from 20% to 32%
- New well expected to be drilled this
year
BOGOTA, Colombia, June 30, Ecopetrol S.A. (“Ecopetrol” or the “Company”) will assume direct operation of the
Cupiagua and Cupiagua Sur fields as of midnight, June 30. The fields are located
in the municipality of Aguazul in the Casanare province, a major prospect region
in Colombia.
The Company will have sole operation of
the fields, following a 28-year joint operation and the expiration of the
Santiago de las Atalayas Association Contract in which Ecopetrol held 50% of the
production interest, BP Exploration Company-Colombia Ltd. and BP Santiago Oil
Company held 31%, and Tepma held the remaining 19%.
The northern section of Cusiana field,
which had also been governed by the Santiago de las Atalayas Association
Contract, will continue to be operated by BP until 2016 when the Tauramena
Association contract expires, under joint agreement with
Ecopetrol.
Current production at the Cupiagua and
Cupiagua Sur fields is approximately 26 thousand barrels a day, which will help
meet the Company’s goal of increasing production 12% annually and producing 1
million barrels of oil equivalent by 2015.
Together with Cusiana, the Cupiagua and
Cupiagua Sur fields were the largest finds made in Colombia during the 1990s,
and they produce light crude, which is in large
demand on the international market.
The start-up of sole operations by
Ecopetrol calls for a 12-point increase from 20% to 32% in royalty payments from
basic production, as set forth in Law 756 of 2002. Also, the province and
municipality will increase the amount of resources they receive for development.
A year and half before the expiration of Santiago de las Atalayas Association
Contract, Ecopetrol and BP initiated joint operations designed to (i) provide
continuity to the various processes involved in operating the field and (ii)
maintain operational excellence.
Ecopetrol and BP will continue as
partners, with BP as operator, in the contracts governing the Cusiana, Floreña,
Recetor, Volcanera and Pauto fields. The joint operations are
scheduled to end between 2016 and 2020.
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PRESS
RELEASE
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Ecopetrol expects to invest US$28
million this year in the drilling of a new well at Cupiagua, and will also
invest an additional US$284 million in the Gas Cusiana facility to increase the
gas treatment capacity of this facility by 70 million cubic feet per day (Mcfd)
and GLP production by 6,900 barrels per day (Bpd).
The Company also plans to build a new
gas facility at the Cupiagua field, with an initial capacity of 140 million
cubic feet per day (Mcfd) and a projected final capacity of 210 million cubic
feet per day (Mcfd).
Bogota,
Colombia, June 30, 2010
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Ecopetrol
is Colombia’s largest integrated oil company and is among the top 40 oil
companies in the world and the four largest oil companies in Latin America.
Besides Colombia, where it accounts for 60% of total production, the Company is
involved in exploration and production activities in Brazil, Peru and the United
States (Gulf of Mexico). Ecopetrol has the principal refineries in Colombia,
most of the network of oil and multiple purpose pipelines in the country, and it
is considerably increasing its participation in biofuels.
This release contains
forward-looking statements relating to the prospects of the business, estimates
for operating and financial results, and those related to growth prospects of
Ecopetrol. These are merely projections and, as such, are based exclusively on
the expectations of management concerning the future of the business and its
continued access to capital to fund the Company’s business plan. Such
forward-looking statements depend, substantially, on changes in market
conditions, government regulations, competitive pressures, the performance of
the Colombian economy and the industry, among other factors; therefore, they are
subject to change without prior notice.
Contact
us for any additional information:
Investor
Relations
Alejandro
Giraldo
Phone:
+571-234-5190
Email:
investors@ecopetrol.com.co
Media
Relations (Colombia)
Mauricio
Téllez
Phone: +
571-2345377
Fax:
+571-2344480
Email:
mtellez@ecopetrol.com.co
Website: www.ecopetrol.com.co
Date: June 30,
2010
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Ecopetrol
S.A.
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By:
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/s/ Adriana
M. Echeverri
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Name:
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Adriana
M. Echeverri
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Title:
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Chief
Financial Officer
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