The government has expressed great hopes for the 2014 Round and with normal Colombian political processes the auction in Caribbean will be the current MinMinas, Almykar Acosta, swansong with the industry. He no doubt wants it to go well.
The National Hydrocarbons Agency (ANH) has published the draft reference documents and other supporting material for the upcoming Colombia 2014 Round where it looks to assign up to 97 E&P blocks.
The Arbitration Tribunal of Bogotá’s Chamber of Commerce sided with Ecopetrol in a prolonged dispute over the formula used to figure payments received from Pacific Rubiales (TSX:PRE) in the Quifa field.
The National Hydrocarbons Agency (ANH) has high hopes for the Colombia 2014 Round and based on preliminary interested received from possible participants is aiming for 10 to 20 new companies to enter the national oil industry through the auction.
The National Hydrocarbons Agency (ANH) is preparing a deeper analysis of basins with oil prospects but that are not within the traditional oil producing areas such as Magdalena or the Llanos, and will improve contractual terms as well.
The upcoming Colombia Round 2014 will likely have two phases in order to separate conventional and unconventional resources according to the Minister of Mines and Energy Amylkar Acosta.
Oil producer Canacol Energy (TSX:CNE) has acquired two E&P contracts associated with shale deposits, which it says is part of its strategy to develop greater shale oil reserves and which makes it the second largest shale oil position behind Ecopetrol (NYSE:EC).
The Colombia 2014 Round is advancing and the government is finishing the offer that it will take to the market, which includes 97 blocks that the National Hydrocarbons Agency (ANH) and Ministry of Mines and Energy (MinMinas) will be put onto the auction block.
The National Hydrocarbons Agency (ANH) has unveiled some of the specifics for the 2014 Colombia round production block auction, from which it hopes to attract over US$2.6B by assigning 112 blocks.
It has been revealed the Colombia’s largest private oil operator Pacific Rubiales (TSX:PRE) sent a letter to Ecopetrol (NYSE:EC) in March to formally ask the NOC to apply its STAR secondary recovery technology immediately and not wait until the 2016 contract ends.