Colombia readying new oil and gas auction
Colombia is set to stage a new bidding round for oil and gas drilling rights as a crude price surge sparks demand for new projects.
The auction is tentatively scheduled for the second quarter of the year and is expected to mostly comprise natural gas blocks.
Last month, hydrocarbons regulator ANH invited companies to nominate areas after updating its E&P acreage map.
“When there is a sufficient number of applications, a cut will be made that paves the way for a new auction," newspaper Portafolio quoted ANH president Armando Zamora as saying.
Colombia has held four oil and gas licensing rounds since the current open-acreage auction model was introduced in 2019.
In the most recent round, held late last year, seven companies committed to investments of at least US$149mn to drill 30 areas.
Canada's Parex Resources secured the largest number of blocks with 18, followed by Ecopetrol (four), Lewis Energy (three) and CNE (two). Frontera, Hocol and Maurel & Prom presented one offer each.
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News in: Oil & Gas (Colombia)
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