Colombia Grants E&P Rights To 5 Oil Companies

Wednesday, September 19, 2007
The Colombian government Tuesday granted exploration and production rights on nine offshore areas on the Caribbean coast to five different companies in an effort to boost the country's oil reserves.

In Tuesday's auction, Colombian state-owned oil company Ecopetrol SA, India's state-run oil company Oil and Natural Gas Corp. (500312.BY), Brazil's Petroleo Brasileiro SA (PBR), U.K.-based BP PlC (BP) and Hess Corp. (HES) won the rights separately or in partnership to explore the nine blocks. Four blocks didn't attract bidders.

The Colombian government is trying to attract oil companies to the country to boost oil reserves and output in a bid to remain oil self-sufficient. If current consumption and production trends continue, the country will become a net oil importer in 2014.

The Colombian Caribbean area may be rich in oil and natural gas, but no thorough studies have been carried out.

The winners will have a 10-year right to explore in the area and rights to produce oil until the fields are depleted. Three years after winning the rights, the companies will have to hand back 50% of the area to the government, a standard procedure in such auctions. Source: Dow Jones

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

New Products

Vesper Marine Debuts New AIS Transponder

Marine safety products manufacturer Vesper Marine has released a new Class B Automatic Identification System (AIS), the XB-6000. The black box transponder includes

Damen ASD Tug for Sharjah Ports

Sharjah Ports Authority, has taken delivery of a Damen ASD Tug 2411, named Al Luolo’ Aya. His Excellency Sheikh Khaled bin Abdullah bin Sultan Al Qasimi, Chairman

ITF Seafarers’ Trust Launches Shore Leave 2.0

Press release - The ITF Seafarers’ Trust is launching an enhanced version of its free Shore Leave app – the first app designed to help seafarers looking for reliable transport when in port.


Deepwater Downturn: Bump in the Road or Long-Term Slowing of Growth?

IMA/World Energy Reports has just completed a comprehensiveassessment of the five year outlook for the deepwater sector.  The new report – the 19th annual floater

Tidal Energy from Deep and Slow Waters

Deep Green, an underwater kite construction from the Swedish company Minesto, is set to be deployed in 2017 at the Holyhead Deep site off the coast of Anglesey, Wales.

RasGas to Waive $1bln Penalty on LNG Deal

Qatar-based natural gas producer RasGas will not penalise Petronet LNG for lower offtake of the fuel, says a report by PTI.   Qatar has agreed to waive $1 billion

Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0686 sec (15 req/sec)