Shearman & Sterling represented Ecopetrol in connection with its agreement with Maurel & Prom for the acquisition of Hocol, a company engaged in exploration and production of hydrocarbons in Colombia, wholly owned by Maurel & Prom, for US$748 million payable in cash (589 million euros).

Hocol has been operating in Colombia for more than 50 years as an exploration and production (E&P) company. It was bought by Maurel & Prom in August 2005, which initiated a dynamic field acquisition and development policy. The proceeds of this sale will be used by Maurel & Prom for the continuation of its exploration program, which is its core business.

The acquisition is part of Ecopetrol’s domestic E&P expansion plan, which is aimed at increasing its production to 1 million barrels of oil equivalent/day by 2015.

Ecopetrol is Colombia’s largest company and it is integrated in the petroleum chain, positioned among the top oil companies in the world and the four major oil companies in Latin America. Besides Colombia, where over 60% of domestic production is concentrated, it is involved in exploration and production activities in Brazil, Peru, and the United States.

In February 2009, Shearman & Sterling advised Ecopetrol on its joint acquisition with Korea National Oil Corporation of Offshore International Group, Inc.