Ecopetrol (EC) said late Wednesday it has completed its acquisition of the remaining 45% of the CPO-09 Block from Repsol Colombia Oil & Gas for $452 million, making it the 100% owner of the central Colombian energy asset.

The transaction is the result of the exercise of the right of first refusal by Ecopetrol, within the framework of a joint operation agreement, the Colombian energy company said.

Ecopetrol said the transaction strengthens its position in the exploration and production of oil and gas in the Llanos Orientales basin.