Sixteen companies, including international producers like Parex Resources, are qualified to bid in Colombia’s auction of four onshore oil blocks later this year, the national hydrocarbons agency (ANH) said Oct. 23.
The ANH received 19 submissions from companies interested in bidding in the upcoming auction, including 16 previously authorized companies and three new entrants.
Of the companies allowed to take part in the auction, 15 were previously authorized. French company Maurel & Prom was the only successful new company.
“Colombia offers solid regulation, a favorable fiscal framework and attractive contractual conditions, which has established confidence among the oil companies which have qualified for the third permanent process of assigning areas,” ANH president Armando Zamora said in a statement.
Several people involved in valuing the Exxon Permian Basin asset during an internal assessment in 2019 said employees were being forced to use unrealistic assumptions, according to a report from the Wall Street Journal.
Exxon Mobil, the largest U.S. oil producer, said the emissions from its product sales in 2019 were equivalent to 730 million metric tons of CO₂, higher than rival oil majors.
No date has yet been set for the negotiations, which will be led by a government-appointed mediator.