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

New Products

Apply Now for the MN 100

The August 2015 edition of Marine News, the leading voice in the North American workboat market, will feature 100 leaders and innovators, including workboat owners and operators,

MMT Presents Surveyor Interceptor ROV (SROV)

At Ocean Business in Southampton  MMT´s key topic was the new Surveyor Interceptor ROV (SROV). Together with its Norwegian partners Reach Subsea AS, MMT developed a new generation,

GAC's Hull Cleaning Solution Debuts in Singapore

GAC EnvironHull’s eco-friendly, diver-free hull cleaning technology makes its Asian debut at this year’s Sea Asia exhibition, marking its introduction at one of the world’s busiest ports, Singapore.

Offshore

Falklands' Oil Drilling at Isobel Deep Suspended

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

OSV Technology: Notable Designs & Deliveries

Though the market for Offshore Support Vessels (OSVs) is soft, advances in technology, fit and finish in  the sector is unrivaled in any other maritime niche over the past five years.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Ship Repair Ship Simulators Sonar Winch
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: 0.1377 sec (7 req/sec)