Colombia on Oct. 8 signed exploration and production contracts for four offshore blocks with a subsidiary of Occidental Petroleum Corp. with expected investment commitments of $1.4 billion.
The four blocks, which will be wholly owned by Anadarko Colombia Co., are located off the Andean country’s Caribbean coast and cover some 1.6 million hectares (3.9 million acres), the national hydrocarbons agency (ANH) said in a statement.
Colombia currently counts on just under eight years of gas reserves and, with gas already discovered in Colombia’s Caribbean, the new blocks are an opportunity ensure self-sufficiency in energy, the ANH said.
“The four contracts make up a third node for exploratory activity which, added to the two existing areas being developed in the maritime areas of La Guajira and Uraba, completes the panorama of potential of the entire Caribbean coast,” said ANH president Armando Zamora.
Blocks COL-1, COL-2, COL-6 and COL-7 are located off the coasts of Colombia's La Guajira, Magdalena, and Atlantico provinces.
The four exploration and production contracts takes the total number signed under Colombia’s current administration to 39, said Minister of Mines and Energy Diego Mesa.
“This is a very important milestone,” Mesa said. “This confirms that Colombia’s hydrocarbons sector continues to very attractive to direct foreign investment.”
Recommended Reading
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
Technip Energies Wins Marsa LNG Contract
2024-04-22 - Technip Energies contract, which will will cover the EPC of a natural gas liquefaction train for TotalEnergies, is valued between $532 million and $1.1 billion.