Occidental Petroleum to Invest $1.4 Billion Offshore Colombia

A subsidiary of Occidental Petroleum signed exploration and production contracts for four offshore blocks located off Colombia’s Caribbean coast, the national hydrocarbons agency said in a statement.

Reuters

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.

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