WorleyParsons Colombia has been awarded a four year Master Services Agreement (MSA) for engineering services for Ecopetrol.

Ecopetrol, one of the main oil producers in Latin America, is engaged in the production, refining and transport of oil and gas, as well as a petrochemical activity. Its assets also include a wide range of refined products such as gasoline, diesel, liquefied petroleum gas and heavy residual fuel. The new investment plan of Ecopetrol through 2020 (figure below) will cover around US$13 billion based on oil prices of US$50 a barrel; with approximately 75% of investment going towards upstream production. Exploration investment may increase subject to crude prices improving.

WorleyParsons’ MSA corresponds to the development of conceptual, basic and detailed engineering for offshore, onshore, refining and energy sectors.

This MSA provides an excellent platform for growing our relationship with Ecopetrol and strengthening our local operation taking advantage of the expertise of our Global Centers of Excellence which will be supporting the project execution depending on the expertise area.

Commenting on the award, Joachim Meister, Colombia´s Location Manager said ”This award strengthens our relationship with Ecopetrol and we look forward to supporting this key customer with their development plan to meet the nation’s resources and energy needs.”

About WorleyParsons

WorleyParsons delivers projects, provides expertise in engineering, procurement and construction and offers a wide range of consulting and advisory services. We cover the full lifecycle, from creating new assets to sustaining and enhancing operating assets, in the hydrocarbons, mineral, metals, chemicals and infrastructure sectors. Our resources and energy are focused on responding to and meeting the needs of our customers over the long term and thereby creating value for our shareholders.

WorleyParsons is listed on the Australian Securities Exchange [ASX:WOR]

About Ecopetrol

Ecopetrol is the largest company in Colombia and is integrated into the oil chain; it is among the 50 major oil companies in the world and among the four main ones in Latin America. Besides Colombia - where it generates over 60% of the national production - it is present in exploration and production activities in Brazil, Peru & US (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia and most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels.