Royal Dutch Shell PLC and Ecopetrol have agreed to jointly explore an oil basin in central Colombia, state-owned Ecopetrol said in a statement.
The pair will be forming a 50-50 joint venture that will hunt for oil in an area covering over 650,000 hectares, added Ecopetrol, which will be the project's operator.
The agreement marked Shell's return to oil exploration and production activities in Colombia. Shell sold some of its downstream businesses in Colombia, including retail stations and a lubricants blending facility, to Petrobras in 2005. monicca.egoy@thomson.com mbe/bsd
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