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.
New exploration frontiers give hope to the region’s offshore market.
Equinor has taken a 50% stake in Argentina's largest offshore block, CAN 100, as part of its collaboration with the South American country's state-controlled oil firm YPF.
The project, which BP (NYSE: BP) said was delivered on time and under budget, includes a new platform with a production capacity of 600 million standard cubic feet a day and four wells.