ANP Approves Sale of Stake In Hess' BM-ES-30 Block To Ecopetrol

Brazil's upstream regulator Agência Nacional do Petróleo (ANP) has approved US independent Hess' sale of a 30% stake in Brazilian offshore BM-ES-30 block to Colombia's state-run oil company Ecopetrol, Dow Jones Newswires reported on May 7 2010. Ecopetrol's acquisition of more Brazilian offshore acreage confirms its bullish international expansion plans on the back of improving financials, while the company also intends to compete for more development opportunities domestically in Colombia's upcoming oil and gas licensing round.

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