2008-12-03-2008-11-20-2008-11-20

Farm in to 20% to 25% in five deep sea prospects in the GOM.

Ecopetrol SA, Bogota, Colombia, (NYSE: EC; BVA: Ecopetrol) has entered a participation agreement with Eni SpA, Rome, (NYSE: E) to drill at least five deep sea prospects in the Gulf of Mexico between 2008 and 2012. Ecopetrol will farm into the prospects and hold between 20% to 25% of the prospects. Initial assessments indicate that Ecopetrol's investment may amount to US$220 million. Eni currently holds interests in 408 blocks in the Gulf of Mexico, 70% of which are in deep water, and it is one of the major oil producers in the Gulf with a production of more than 100,000 barrels of oil equivalent per day. It operates 60% of its blocks. Ecopetrol already participates in Gulf of Mexico exploration blocks, together with a number of its partners, including Shell and BP, and this new agreement will allow it to consolidate its assets. Ecopetrol also participates in the production blocks in the K2 field operated by Anadarko Petroleum Corp., Houston (NYSE: APC). Ecopetrol and Eni also signed a memorandum to develop joint exploration and production opportunities in South America and other parts of the world. The participation agreement and the memorandum of understanding were signed in Bogota with the attendance of Ecopetrol's President, Javier Gutierrez, and executives from Eni.