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US oil companies eyeing Colombia
AFP
BOGOTA
Petroleumworld.com 05 30 07Oil companies from China, India, Malaysia and the United States plan to present bids to drill along Colombia's Caribbean coast, believed to contain vast oil and natural gas reserves, according to a senior official.
Among companies planning to bid are US firm Devon Energy and Malaysia's Petronas, National Hydrocarbons Agency President Armando Zamora told the Republica de Bogota newspaper.
The India's Oil and Natural Gas Corporation and Reliance Industries, Italy's ENI, and Argentina-based Pluspetrol are also interested in drilling, Zamora said.
Colombia is calling for bids on 13 exploration blocks along the Caribbean coast and offshore. Each block averages 290,000 hectares (716,605 acres).
Bids will be opened in September.
Colombia hopes the new exploration will rapidly reverse a decline in output that risks turning the country from an oil exporter to an importer. Last year, Colombia exported 6.3 billion dollars worth of oil and oil-based products.
AFP 29 1910 GMT 05 07
Copyright© 2007 AFP. All Rights Reserved.
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