Colombia's state oil company Ecopetrol and its Malaysian partner Petronas on October 23 signed a memorandum of understanding (MoU) on enhancing a bilateral strategic partnership for oil exploration in Latin America and Mexico in particular (Source: www.petronas.com.my)

Mexico City (VNA) – Colombia's state oil company Ecopetrol and its Malaysian partner Petronas on October 23 signed a memorandum of understanding (MoU) on enhancing a bilateral strategic partnership for oil exploration in Latin America and Mexico in particular.

The MoU, signed by Chief Executive of Ecopetrol Felipe Bayon and Executive Vice President of Petronas Datuk Mohd Anuar Taib, aims to develop exploration and production projects in the region.

It also aims to provide impetus to evaluate possible natural gas projects, and analyse commercial opportunities for the negotiation and sale of oil and natural gas internationally.

Ecopetrol and Petronas also committed to exchanging their practices, technical and technological information on offshore exploration and production, natural gas and petrochemicals, production negotiation and crude oil, cost optimisation and improved recovery projects, among other areas.

Earlier on September 25, the two firms inked a deal on exploration and production of an exploratory block in the Gulf of Mexico after a bid opened by the Government of Mexico.

State oil company Ecopetrol is among Colombia’s leading corporations, with conversion output exceeding 715,000 oil barrels per day, with international projects in the US, Brazil and Peru.

Meanwhile, Petronas is a Malaysian state-owned oil firm engaged in the exploration, development, sale, transportation and production of crude oil, natural gas and liquefied natural gas.-VNA