LogIn LogOut

Ecopetrol Wins Offshore Colombia Block

March 6, 2019

Colombia’s state-run oil company Ecopetrol SA has signed Colombia’s first offshore exploration and production contract under a newly revised contract model.

According to a report in Reuters, the deal for a nearly 400,000-hectare (988,000-acre) bloc in the Caribbean is country’s first new oil and gas contract in more than four years.

The Col-5 tract in the Caribbean Sea is adjacent to US independent Anadarko Petroleum's Purple Angel gas find.

The country recently modified its bidding system for offshore oil and gas exploration contracts and relaunched bidding for more than 20 possible production areas, the report said.

The government, which last held an auction in 2014, repeatedly postponed bidding that had been set to take place last year because of company requests to change contract specifications.

“Ecopetrol will invest more than $250 million in this offshore project,” Luis Miguel Morelli, the head of the National Hydrocarbons Agency, said in a statement.

 Meanwhile, a report in Bloomberg said that the finance ministry of the country is weighing the sale of an 8.5 percent stake in Ecopetrol, worth about $3.6 billion. CEO Felipe Bayon said such a sale could take as long as two years to complete, and said the company is generating value for the government, which currently owns 88.5 percent of it.



Current News

Samsung Heavy Industries Taps GTT for Tank Design of New FLNG Unit

Samsung Heavy Industries Taps GTT for Tank Design of New FLNG Unit

Perdana to Supply Accommodation Work Barge to Petronas Carigali

Perdana to Supply Accommodation Work Barge to Petronas Carigali

Pertamina Confirms Deaths and Missing Crew Member in Oil Tanker Fire

Pertamina Confirms Deaths and Missing Crew Member in Oil Tanker Fire

China Plans to Use Renewable Energy to Help Boost Oil & Gas Production

China Plans to Use Renewable Energy to Help Boost Oil & Gas Production

Japan's JERA to Buy Belgium's Top Offshore Wind Firm for $1.7B

Japan's JERA to Buy Belgium's Top Offshore Wind Firm for $1.7B

Valeura Energy Completes Modification of MT Jaka Tarub Vessel for Wassana Offshore Oil Field

Valeura Energy Completes Modification of MT Jaka Tarub Vessel for Wassana Offshore Oil Field

NYK's First Domestic CTV Named "Rera As"

NYK's First Domestic CTV Named "Rera As"
photo

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com