Canada's Parex, Ecopetrol Among Winners in Colombia Oil Round

Source Reuters
Company Parex Resources Inc.Amerisur Resources PlcCanacol Energy Ltd.Captiva Resources, IncEcopetrolFrontera Energy CorporationGeoPark Limited 
Tags Licensing Rounds, Deals, Upstream Activities
Date December 05, 2019

Companies including Canada’s Parex Resources and Ecopetrol SA won contracts to operate oil blocks in Colombia’s auction round on Thursday, as the Andean nation seeks to reinvigorate its petroleum sector.

Ecopetrol and its subsidiary Hocol SA, Frontera Energy Corp and  Amerisur Resources Plc were all awarded one contract each, the national hydrocarbons agency (ANH) said, after their initial bids did not receive counter-offers.

Other successful bidders included Gran Tierra Energy , and Parex, who were awarded two contracts each, while CNE Oil and Gas SAS was awarded three contracts.

A consortium of Ecopetrol and Parex was awarded one contract, as was a consortium of Hocol and Geopark LLA.

Block SN 26 was awarded to a consortium of La Luna and Captiva, whose bid beat a rival submission from Hocol.

Just one counter-offer was received for block Llanos 124 by Parex. In earlier bidding, the block received bids from Parex and a consortium of Geopark and Hocol. Last year Colombia’s crude reserves rose 9.9% to 1.96 billion barrels, equivalent to 6.2 years of output. The government wants to increase reserves to at least 10 years equivalent.

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