Wednesday, March 18, 2009

South-South Cooperation Triangle -- Colombia, Peru & Brazil

BOGOTA -(Dow Jones)- Colombian state-controlled oil company Ecopetrol SA ( ECOPETROL.BO) said Tuesday it has agreed to buy stakes in two oil blocks in Peru from Brazilian oil company Petroleo Brasileiro SA (PBR).

In a statement, Ecopetrol said it bought 50% of a block in the eastern Peruvian Amazon jungle and 25% in a second one, located in the country's southeastern jungle.

Both companies will search for oil and gas in the two areas together. The acquisitions need to be approved by Peruvian authorities, Ecopetrol said.

Click here to read more from CNN Money ...

I know weird right??? CNN Money ran this story. Well I guess it was from Dow Jones originally hehe.