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.
Only tomorrow will we know if Geopark responds to Frontera’s counteroffer for VIM 22 and the ANH’s first round of its Permanent Competitive Process (PPAA) will complete officially only on the 15th of July. But I think the ANH should already be breaking out the vintage soda water, declaring this round a success.