Colombia
News

Colombia alters oil auction schedule

Bnamericas Published: Thursday, June 18, 2020
Colombia alters oil auction schedule

Colombian hydrocarbons regulator ANH has extended a timetable for the selection of areas in the third cycle of its permanent offer of oil and gas drilling rights. 

Potential bidders now have until June 30 to submit formal interest in the available acreage, having previously been set a June 17 deadline, according to documents published on the agency's website.

ANH said it would release a map of areas in which companies had shown interest on July 15 before confirming blocks to be included in the auction on August 18. 

New terms of reference also clarify rules related to additional exploration activity proposed in counteroffers.

Initial bids are scheduled to be received on October 30 and companies will then have until November 17 to lodge counteroffers. Initial bidders can exercise an option to raise their proposals on November 30.

Contracts will be awarded for areas with no counteroffers  on November 27 and those with counteroffers on December 14. 

According to ANH, companies have submitted interest in 39 blocks: five of which are offshore: within the Guajira and Sinú basins in the Caribbean sea. 

The remainder are shared among the Caguán-Putumayo, Catatumbo, Cordillera Oriental, Llanos Orientales, Sinú -San Jacinto, Lower Magdalena and Middle Magdalena basins. They comprise 26 emerging and 13 mature areas. 

The largest onshore area to receive interest is the Cag-7 emerging block, which covers 215,559ha. The Sin-Off 11 license is the biggest offshore area with 153,017ha. 

More information, in Spanish, can be seen here.

Colombia's plans to push ahead with the permanent offer's third cycle come despite a sharp oil price downturn that has prompted operators to slash their capital spending and cast doubt over the profitability of new projects. 

Some 26 areas out of an available 70 were auctioned in the first two cycles of the permanent offer in 2019. In addition, ANH assigned five offshore E&P contracts to holders of technical evaluation contracts. Total investment in the 31 blocks is estimated at US$2.23bn.

Last year's auctions ended a five-year oil licensing round hiatus in the Andean country, which relies on crude oil for more than 50% of its export revenue.

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects in: Oil & Gas (Colombia)

Get critical information about thousands of Oil & Gas projects in Latin America: what stages they're in, capex, related companies, contacts and more.

  • Project: Block PUT-4
  • Current stage: Blurred
  • Updated: 8 months ago
  • Project: Block PUT-1
  • Current stage: Blurred
  • Updated: 8 months ago
  • Project: Block PUT-7
  • Current stage: Blurred
  • Updated: 8 months ago
  • Project: Block CPE-6
  • Current stage: Blurred
  • Updated: 8 months ago
  • Project: Lisama field
  • Current stage: Blurred
  • Updated: 8 months ago
  • Project: Block VIM 21
  • Current stage: Blurred
  • Updated: 8 months ago
  • Project: Block VSM 4
  • Current stage: Blurred
  • Updated: 10 months ago

Other companies in: Oil & Gas (Colombia)

Get critical information about thousands of Oil & Gas companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: ODL JV Ltd.  (ODL JV)
  • ODL JV ltd., formerly Pacific Midstream Ltd., operates as a subsidiary of Canadian energy firm Frontera Energy Corporation. Through the subsidiary's 35% interest in Oleoducto de...
  • Company: Gemcoal S.A.S.  (Gemcoal)
  • The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
  • Company: Morelco S.A.S.  (Morelco)
  • Morelco is an engineering and construction firm, part of CUMBRA, a company with a regional presence with 87 years of experience. The company provides construction and assembly s...
  • Company: Refinería de Cartagena S.A.  (Reficar)
  • Refinería de Cartagena S.A. (Reficar) is a Colombian firm owned by Andean Chemicals Ltd. and Ecopetrol which operates the large and modern refinery Cartagena, whose expansion an...
  • Company: Total E&P Colombie Sucursal Colombia
  • Total E&P Colombie Sucursal Colombia, established in 2010, is a Colombian subsidiary of the hydrocarbon firm Total headquartered in Bogotá which engages in the exploration and p...