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.
Both contracts are expected to commence in the first quarter of 2022.
The discovery marks another important step toward commercial oil development in the southeast portion of Block 58.
The discovery adds to the previous recoverable resource estimate of approximately 9 billion oil equivalent barrels.