Ecopetrol plans to invest USD5 million in 2007 in association with another company that is currently operating in the area.
"Negotiations between both companies are carrying on favorably and could conclude sometime within the first trimester of the year," stated Moros in an interview published by the Colombian newspaper El Tiempo.
Moros indicated that Ecopetrol has been evaluating an area called Marañón, near the Peru-Colombia border. Marañón is currently one of the busiest regions in Peru, in terms of hydrocarbon exploration.
Ecopetrol is the largest Colombian oil company operating in Colombia and currently produces more than 60% of Colombian oil.