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ConocoPhillips, CNE Oil and Gas expand Colombian exploration contracts

Published 2015-12-03, 11:40 a/m
© Reuters. ConocoPhillips, CNE Oil and Gas expand Colombian exploration contracts
SAN
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COP
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CNE
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BOGOTA, Dec 3 (Reuters) - Two oil companies operating in
Colombia will expand their exploration contracts to
non-traditional oil deposits, the government said on Thursday,
as the South American country looked to increase its reserves.
New regulations allow companies that signed traditional
exploration contracts before 2012 to include exploitation of
non-traditional sources of oil, like fracking.
U.S.-based ConocoPhillips (N:COP) COP.N and CNE Oil and Gas, a
subsidiary of Canada's Canacol Energy CNE.TO , have both signed
non-traditional exploration agreements with the national
hydrocarbons agency following the change, the agency said in a
statement.
Exploration will take place in the VMM-3 block, in the
northeastern provinces of Cesar and Santander (MC:SAN), and will require
at least $85 million in investment.
"This is very good news for the industry and for the country
to receive this request to add a contract for development of
non-traditional reserves," agency president Mauricio de la Mora
said. "It's a bet on the increase of reserves, so necessary for
the country."
Colombia's national income has been battered by a slump in
prices for crude, its largest export and source of foreign
exchange.
The country has 2.3 billion barrels of reserves, roughly
equal to 6.4 years of consumption.

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