RIL in alliance with Columbia's Ecopetrol

MUMBAI: Reliance Industries announced that its subsidiary has signed a deal with Colombian state oil firm Ecopetrol for two deepwater blocks in Colombia.

Under the deal, Ecopetrol will take a 20 per cent stake in the Borojo North Block 42 and the Borojo South Block 43, which together cover an area of about 8,000 square kilometres in water depths ranging from 60-1,500 metres, Reliance said in a statement.

Reliance's arm will hold the rest of the stake in the blocks and will be their operator. The deal is subject to approval from Colombia's upstream regulator.