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BOGOTA, May 12 (Reuters) - Colombia's state-run oil company Ecopetrol said on Monday it had reached a deal to sell a 50 percent stake in its Capachos oil block to Canadian-listed Parex Resources Inc, which would be the operator.
Parex will pay the full cost of the first two wells to be developed on the block under the terms of the deal reached on May 5, Ecopetrol said in a statement.
Ecopetrol said the Capachos block in Colombia's eastern plains may contain light crude at a depth of around 16,000 feet. Drilling would start in the first quarter of 2015 under the terms of the deal which must still be approved by the National Hydrocarbons agency.
It gave no financial details.
Colombia produces around 1 million barrels of oil a day and is currently auctioning new blocks of onshore, offshore and in potential non-conventional or shale areas in a bid to increase output. (Reporting by Peter Murphy; Editing by Eric Walsh)