Ecopetrol Expands in Brazil

Ecopetrol is expanding in Brazil through the acquisition of a 30% stake in a concession in the Espirito Santo basin from a unit of US-based Hess. The price is not disclosed. The seller will retain a 30% stake in the concession while Spain’s Repsol will keep a 40% stake. This is not the Colombian oil giant’s first incursion into Brazil. By the end of 2009, its unit Ecopetrol Oleo e Gas do Brasil had partnerships in 7 blocks in the country. The company did not return calls for comment.