Colombia will have 59 blocks on offer in its next round of oil bidding, the national hydrocarbons agency (ANH) said on Sept. 18, as the country steps up efforts to encourage more investment in the sector.
The ANH debuted the blocks, which are located throughout the Andean country but concentrated near its northern Caribbean coast and in its eastern plains, during a private event with oil companies on Sept. 17, it said in a statement.
Six companies won 11 contracts in an oil round earlier this year, which the ANH said would generate some $500 million in investment.
“The offer of blocks in this second auction is aimed towards ensuring energy self-sufficiency in Colombia, increasing reserves and generating critical resources to maintain fiscal and trade balances,” the statement said.
Five of the blocks are off-shore and 27 of them are areas which have been requested by already pre-qualified companies, the first time that mechanism has been available, the ANH said.
Nine of the areas were included in the previous auction, it added, while thirteen of the new areas have gas production potential.
A final list of qualified bidders will be published on Oct. 21, the statement added, and companies will deposit initial offers on Oct. 31.
Hocol SA, Parex Resources Inc, Ecopetrol, Gran Tierra Energy Inc., Frontera Energy Corp. and GeoPark Ltd. all won at least one contract in the previous oil round.
Colombia produces an average of about 860,000 barrels of crude per day. Oil is its top export and source of foreign exchange.
Recommended Reading
Chesapeake Slashing Drilling Activity, Output Amid Low NatGas Prices
2024-02-20 - With natural gas markets still oversupplied and commodity prices low, gas producer Chesapeake Energy plans to start cutting rigs and frac crews in March.
Shell’s CEO Sawan Says Confidence in US LNG is Slipping
2024-02-05 - Issues related to Venture Global LNG’s contract commitments and U.S. President Joe Biden’s recent decision to pause approvals of new U.S. liquefaction plants have raised questions about the reliability of the American LNG sector, according to Shell CEO Wael Sawan.
BP Pursues ‘25-by-‘25’ Target to Amp Up LNG Production
2024-02-15 - BP wants to boost its LNG portfolio to 25 mtpa by 2025 under a plan dubbed “25-by-25,” upping its portfolio by 9% compared to 2023, CEO Murray Auchincloss said during the company’s webcast with analysts.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.