Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Colombia opens 59 blocks for bids in next oil auction

Published 2019-09-18, 01:14 p/m
© Reuters.  Colombia opens 59 blocks for bids in next oil auction

BOGOTA, Sept 18 (Reuters) - Colombia will have 59 blocks on offer in its next round of oil bidding, the national hydrocarbons agency (ANH) said on Wednesday, as the country steps up efforts to encourage more investment in the sector.

The ANH debuted the blocks, which are located throughout the Andean country but concentrated near its northern Caribbean coast and in its eastern plains, during a private event with oil companies on Tuesday, it said in a statement.

Six companies won 11 contracts in an oil round earlier this year, which the ANH said would generate some $500 million in investment. offer of blocks in this second auction is aimed towards ensuring energy self-sufficiency in Colombia, increasing reserves and generating critical resources to maintain fiscal and trade balances," the statement said.

Five of the blocks are off-shore and 27 of them are areas which have been requested by already pre-qualified companies, the first time that mechanism has been available, the ANH said.

Nine of the areas were included in the previous auction, it added, while thirteen of the new areas have gas production potential.

A final list of qualified bidders will be published on Oct. 21, the statement added, and companies will deposit initial offers on Oct. 31.

Hocol SA, Parex Resources Inc PXT.TO , Ecopetrol ECO.CN , Gran Tierra Energy Inc GTE.TO , Frontera Energy Corp FEC.TO and GeoPark Ltd GPRK.N all won at least one contract in the previous oil round.

Colombia produces an average of about 860,000 barrels of crude per day. Oil is its top export and source of foreign exchange.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.