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Ecopetrol launches 2016 Round

Ecopetrol launches 2016 Round

Ecopetrol (NYSE:EC) has made good on promises to sell off its non-core assets, and has announced a ‘2016 Field Round’ in which it is auctioning 20 assets to the oil & gas industry.

Monday, June 27th, 2016
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Rare view into ANH agreement

The National Hydrocarbons Agency (ANH) has been willing to negotiate contract terms of E&P contracts as one of the benefits delivered to the industry due to the fall of oil prices. But rarely do these agreements get released to the public. A recent agreement made with Interoil over COR-6 gives us a small window into this process.

Monday, June 27th, 2016
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ANH reports a spike in block related transactions

The National Hydrocarbons Agency (ANH) says that it has detected a significant increase in the buying and selling of E&P blocks, provoked by the fall in oil prices.

Monday, May 9th, 2016
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ANH approves direct assignment process

The National Hydrocarbons Agency (ANH) board of directors has approved regulatory changes to how it will assign blocks, and reports suggest it has taken into consideration at least some of the observations from the Colombian Petroleum Association (ACP).

Monday, March 7th, 2016
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ANH closing comments on new assignment process

The National Hydrocarbons Agency is accepting comments until January 31 on proposed changes to the area assignment process, the last step before implementing a new model which it hopes will offer more flexibility and attract new players and investment to Colombia.

Thursday, January 28th, 2016
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ANH shows its teeth, cancels three contracts

The National Hydrocarbons Agency has canceled three contracts with Optima Oil and Range Resources for not meeting their contractual obligations and supplying inadequate letters of credit as a guarantee.

Wednesday, January 13th, 2016
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Mexico auction a 100% success UPDATED

After a necessary change in the rules, which allowed individuals access to the recently-opened Mexican oil market, and after two disappointing Round One auctions, the third phase was held yesterday (December 15, 2015). All 25 available contracts were awarded, making it is the most successful round so far.

Wednesday, December 16th, 2015
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Canacol and ConocoPhillips sign unconventional contract with ANH

ANH President Mauricio de la Mora was practically exuberant at a ceremony in the ANH’s offices on Wednesday. And why not? Canacol (TSX:CNE) and ConocoPhillips (NYSE:COP) were signing the agency’s first additional unconventional contract and victory had been snatched from the jaws of defeat.

Thursday, December 3rd, 2015
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ANH defining new auction scheme

A mixed system for block auctions which includes a greater frequency of two a year and more flexibility in their rules is being drawn up the National Hydrocarbons Agency (ANH). Its board of directors is reviewing the plan.

Monday, November 30th, 2015
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Gran Tierra Energy ordered to pay US$2M to Ecopetrol

Gran Tierra Energy ordered to pay US$2M to Ecopetrol

The Colombian State Council found that the firm Gran Tierra Energy Colombia (TSX: GTE) has failed to meet the terms of a contract with Ecopetrol (NYSE:EC) and therefore owes the state oil firm CoP$6.2B (US$2M).

Thursday, November 26th, 2015
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