Ecopetrol (NYSE:EC) received an early Christmas present with the ANH’s approval of its 50:50 venture with Shell (AMS: RDSA).
Last week’s top story from a readership perspective was the list of companies that qualified for the government’s upcoming auction (PPAA). No doubt readers were looking for any surprises: new players or non-participants.
The National Hydrocarbons Agency (ANH) announced a second auction of the Permanent Competitive Process (PPAA) for November this year. This is the block that has caught investors attention due to its location in the Catatumbo region.
This week the ANH head, Luis Miguel Morelli, said that he expected to publish the so-called ‘B Team’ regulations in October and auction 20 blocks in February. Recently I had lunch with a prominent member – and cynical observer – of the industry and talk turned to the idea of auctioning mature Ecopetrol fields. I think these two ideas are closely related.