BOGOTA, Colombia, April 23, 2014 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that members of the Business Committee of the Board of Directors of Ecopetrol and executives of Pacific Rubiales Energy met yesterday morning to review the status of the STAR technology pilot project in the Quifa field, after which they requested the technical teams of both companies to exchange information and submit a joint report on the results.
The recommendation of the Ecopetrol Business Committee was accepted by the company’s Board of Directors, and it is expected that within 30 to 45 days the aforesaid teams will submit the report in question to the decision making bodies at Ecopetrol and Pacific Rubiales Energy.
Ecopetrol is Colombia’s largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 50 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.
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.