Seven companies bid for Colombia’s oil contracts

Colombia

A total of seven companies have made initial bids for the contracts to operate eleven exploration and production blocks in Colombia.

The Colombian government informed on Friday that this tender process is meant to reinvigorate its domestic oil industry, which has been stagnant for a while.

According to the National Hydrocarbons Agency (NHA), these companies are submitting bids to operate onshore sites located in the Colombian eastern planes.

Gran Tierra and Parex each made the most attractive bids for two contracts in Colombia to operate onshore sites.

Meanwhile, state-owned Ecopetrol presented the best bid for an offshore oil industrial development in the Caribbean Sea.

For their part, Frontera, GeoPark, and Hocol presented the best bids for onshore sites. Six other companies and India’s ONGC Videsh made 19 bids for the eleven blocks early this month.

The other qualified companies, a total of 22, have the possibility of accessing these offered sites in Colombia. Other alternatives will be presented before June 26, while others can present their bids and make counter offers within the established period.

“With the publication of these initial bids for the eleven areas offered, the push for the first blocks that the country will assign in five years continues. The second round of this bid will continue on June 26, when the counter offer audit takes place,” said NHA chairman Luis Miguel Morelli.

To date, Colombia has proven reserves of 1,958 million barrels, equal to 6.2 years of consumption and an average production of 865,000 million barrels per day; of which 50% is earmarked for domestic consumption and the rest goes to exports. Thus, this South American nation intends to increase its reserves to at least 10 years of consumption.

For more information, check Energía16

See also: Colombia to raise oil supply and auction 50 blocks this year

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