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Ecopetrol Says It Won't Buy Petro-Tech

Colombian state oil company Ecopetrol denies reports in Peruvian press it will buy Peruvian E&P junior Petro-Tech

"It is not true the operation has closed," Ecopetrol said, without referring to the junior firm by name, according to BNamericas.

"In line with the company's international plans, Ecopetrol is analyzing investment opportunities in several countries, including Peru."

Ecopetrol already has a local subsidiary in Peru and several exploratory blocks.

Peruvian newspaper La República on Jan. 19 reported Ecopetrol and Korea's state oil company KNOC were interested in forming a joint venture to buy the firm worth from $1.5 billion to $2.5 billion

Chinese firms CNPC and Sinopec expressed interest in buying the firm last year, according to the reports.

US-based Offshore International Group owns the JV that holds eight exploration blocks in Peru.