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 April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

New Products

SCHOTTEL Debuts EcoPeller with High-torque Gears

Propulsion and steering systems manufacturer SCHOTTEL has unveiled its new EcoPeller (SRE), which it said offers improved efficiency and robustness. Playing a

Voice-data Communications and HDTV in One System

PDQ’s OneSource System provides long range cell, wi-fi and high definition TV in one system for mobile users.   San Diego wireless company PDQ Connect has developed

Unmanned Aircraft Features Maritime Radar

An updated version of the shipborne UAS AR3 NET RAY is touted as the first in class providing maritime radar capability   The UAS producer TEKEVER is launching at Xponential-AUVSI,

Offshore

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Sembcorp Profit Halved as Clients Defer Projects

Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces

Nigeria's LNG Export Falls

Babs Omotowa, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0686 sec (15 req/sec)