Colombia opens new bidding for oil exploration

08:17, June 18, 2010      

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Colombia will offer a total of 228 oil blocks for exploration in a new round of bidding at the upcoming Colombia Round 2010 to be held in the northwestern city of Cartagena de Indias.

A total of 73 companies which have registered in the National Hydrocarbons Agency have submitted tenders for exploration. And 49 companies have been qualified to develop field management directly.

Four companies will be involved only in providing capital, but will also share the risk in exploratory work. Eight firms will compete exclusively for the Type One area (basins with more information on which contracts for exploration and production will be signed).

For the first time, oil exploration will be conducted in the areas of San Andres, Providencia and the Pacific of Colombia.

With this newly-adopted policy, the Ministry of Mines and Energy of Colombia seeks to open the oil sector to public and private capital and attract some 1 billion U.S. dollars for the next three years.



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