LATAM
México

Guyana

Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

Seven companies bid for eleven contracts in Colombia oil auction

ANH

“For the first time in the history of Colombia an offer of blocks has obtained 55% success,” said ANH head Luis Miguel Morelli.

Reporting by Luis Jaime Acosta / Reuters

BOGOTA
Petroleumworld 06 05 2019

Seven companies have put in bids for 11 oil exploration contracts in Colombia, the government said on Tuesday, as the Andean country seeks to revitalize its oil sector.

Frontera Energy, Geopark, Ecopetrol , Hocol, Parex Resources, Gran Tierra Energy and ONGC Videsh have put in a total of 19 offers, the national hydrocarbons agency said. Ten of the blocks are onshore and one is offshore.

At least 22 companies were qualified to bid on 20 blocks on offer in the auction. Results of the bidding are expected on July 16.

“For the first time in the history of Colombia an offer of blocks has obtained 55% success,” said agency head Luis Miguel Morelli.

Qualified companies which did not bid will have access to competitors' offers and can present alternative ones, Morelli said.

Other qualified bidders include: CNE Oil and Gas, Occidental Petroleum, Hunt Overseas Oil Company, Amerisur Exploracion, Mansarovar Energy and Noble Energy.

Colombia expects to receive some $1.5 billion in oil investment over the coming months from this round of bidding as well as a recently-launched permanent bidding process, Morelli has said.

The government hopes the new process and modified contractual terms for offshore exploration will boost its long-stagnant oil sector, which ground to a halt when global prices slumped.

Companies including Royal Dutch Shell, Noble, Exxon , Repsol and Parex have already signed on to operate new blocks this year.

The country's crude reserves were up 9.9% last year to 1.96 billion barrels, or equivalent to 6.2 years of output. The government wants to increase reserves to at least 10 years equivalent.

Average oil production is 865,000 barrels per day, half of which is exported.

State-run oil company Ecopetrol said last month its crude exports to the United States rose nearly 25% in the first quarter because of lower supply from neighboring Venezuela and higher production.



Reporting by Luis Jaime Acosta; Writing by Julia Symmes Cobb; Editing by Rosalba O'Brien from Reuters.

reuters.com / 06 04 2019

________________________


We invite you to join us as a sponsor.

Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

________________________

 

 

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld ™  / Elio Ohep - All rights reserved

 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.