Colombia will offer up to 40 blocks for auction at its next oil round, the president of the national hydrocarbons association (ANH) said Nov. 20, after awarding just four blocks in its most recent sale.
“We have between 30 and 40 blocks,” Armando Zamora, said in a virtual press conference for an annual oil and gas conference. “The map is open and will remain open so that companies which want to show interest in another area can do so.”
Zamora did not give an exact date for the next round, nor respond to a question about how much the country hoped to earn from possible contracts.
CNE Oil & Gas, a subsidiary of Canacol Energy Ltd., and the Colombian arm of Parex Resources Ltd. each made two unchallenged bids on two blocks at the most recent auction, which concluded earlier this week.
The offers have an estimated value of $40 million.
Low commodity prices and ongoing capital constraints mean oil and gas operators must learn to self-fund their businesses, says leader of Alvarez & Marsal’s oil and gas restructuring practice.
Contango Oil & Gas agreed to pay $58 million in cash for the acquisition of PDP heavy reserves located in in the Big Horn, Permian and Powder River basins made via a bank-owned liquidation of assets.
Chevron's 2021 Permian Basin spending of $2 billion is half of what it planned at the start of 2020 and lower than 2019 levels of $3.6 billion, says Biraj Borkhataria from RBC Capital Markets.