Colombia awards nine offshore blocks

Eric Watkins
Senior Correspondent

LOS ANGELES, Sept. 21 -- Colombia's National Hydrocarbons Agency has awarded 9 of 13 offshore blocks in the Caribbean Sea that had been released for tendering.

State-owned Ecopetrol SA will participate in joint ventures with foreign partners in six of the concessions and has two others alone. BP PLC won the sole right to develop Block 5.

Altogether, Ecopetrol won Blocks 11 and 12 outright, and will partner with Brazil's Petroleo Brasileiro SA (Petrobras), India's Oil & Natural Gas Corp. (ONGC), Hess Corp., and BP in six other blocks.

The companies have agreed to commit $5.3-5.8 million in exploration funding in return for 10-year oil and gas exploration rights, along with production rights for the lifetime of their fields.

The blocks awarded, the successful bidders, and the amounts of exploration investment committed, in millions of dollars, are as follows: 4, Petrobras, Ecopetrol, and BP, 5.5; 5, BP, 5.8; 6, Petrobras, Ecopetrol, and Hess, 5.3; 7, Petrobras, Ecopetrol, and Hess, 5.3; 8, Petrobras, Ecopetrol, and ONGC, 5.3; 9, Ecopetrol, 5.3; 10, Ecopetrol and ONGC, 5.3; 11, Ecopetrol, 5.3; and 12, Ecopetrol, 5.3.

Blocks 1, 2, 3, and 13, received no bids.

Contact Eric Watkins at hippalus@yahoo.com.

Related Articles

Buyer emerges for shuttered St. Croix refinery

11/17/2014 Hovensa LLC, the joint venture of Hess Corp. and Petroleos de Venezuela SA (PDVSA), has found a buyer that hopes to restart its idled 500,000-b/d r...

Hess to develop deepwater gulf oil field

10/29/2014 Production is to begin in 2018 from deepwater Stampede oil field in the Gulf of Mexico under a development plan approved by operator Hess Corp. and...

Hess looks to form Bakken midstream MLP

07/30/2014 Hess Corp. reported that it will pursue the formation and initial public offering of a midstream master limited partnership (MLP) that would suppor...

Marathon to buy retail unit from Hess for $2.87 billion

05/22/2014 Speedway LLC, a subsidiary of Marathon Petroleum Corp. (MPC), has agreed to acquire Hess Retail Holdings LLC, the East Coast’s largest chain of com...

Hess to sell Thailand assets for $1 billion

04/23/2014 Hess Corp. has sold its interests in Tailand’s Sinphuhorm and Pailin fields to PTT Exploration & Production PCL (PTTEP) for $1 billion, effecti...

Hess to sell Utica acreage for $924 million

01/29/2014

Hess Corp. has agreed to sell 74,000 acres of its dry gas acreage in the Utica shale to an undisclosed buyer for $924 million.

Hess reports $5.8 billion capital budget for 2014

01/24/2014 Hess Corp. reported that its exploration and production capital budget for 2014 is expected to reach $5.8 billion, almost have of which, $2.85 bill...

Innex California, Rango Energy form US joint venture

01/20/2014 Innex California Inc., Dallas, has signed a definitive joint venture, operating, and acquisition agreement with Rango Energy Inc. that covers certa...

Hess closes on $650 million sale of Pangkah asset in Indonesia

01/10/2014 Hess Corp. has completed the sale of its Pangkah asset to a subsidiary of PT Saka Energi Indonesia, which exercised its preemption rights, for $650...

White Papers

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...

Accurate Thermo-Fluid Simulation in Real Time Environments

The crux of any task undertaken in System Level Thermo-Fluid Analysis is striking a balance between ti...

6 ways for Energy, Chemical and Oil and Gas Companies to Avert the Impending Workforce Crisis

As many as half of the skilled workers in energy, chemical and oil & gas industries are quickly he...
Sponsored by

AVEVA NET Accesses and Manages the Digital Asset

Global demand for new process plants, power plants and infrastructure is increasing steadily with the ...
Sponsored by

AVEVA’s Approach for the Digital Asset

To meet the requirements for leaner project execution and more efficient operations while transferring...
Sponsored by

Diversification - the technology aspects

In tough times, businesses seek to diversify into adjacent markets or to apply their skills and resour...
Sponsored by

Engineering & Design for Lean Construction

Modern marketing rhetoric claims that, in order to cut out expensive costs and reduce risks during the...
Sponsored by

Object Lessons - Why control of engineering design at the object level is essential for efficient project execution

Whatever the task, there is usually only one way to do it right and many more to do it wrong. In the c...
Sponsored by

Available Webcasts



The Future of US Refining

When Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST



On Demand

Oil & Gas Journal’s Forecast & Review/Worldwide Pipeline Construction 2015

Fri, Jan 30, 2015

The  Forecast & Review/Worldwide Pipeline Construction 2015 Webcast will address Oil & Gas Journal’s outlooks for the oil market and pipeline construction in a year of turbulence. Based on two annual special reports, the webcast will be presented by OGJ Editor Bob Tippee and OGJ Managing Editor-Technology Chris Smith.
The Forecast & Review portion of the webcast will identify forces underlying the collapse in crude oil prices and assess prospects for changes essential to recovery—all in the context of geopolitical pressures buffeting the market.

register:WEBCAST


Optimizing your asset management practices to mitigate the effects of a down market

Thu, Dec 11, 2014

The oil and gas market is in constant flux, and as the price of BOE (Barrel of Oil Equivalent) goes down it is increasingly important to optimize your asset management strategy to stay afloat.  Attend this webinar to learn how developing a solid asset management plan can help your company mitigate costs in any market.

register:WEBCAST


Parylene Conformal Coatings for the Oil & Gas Industry

Thu, Nov 20, 2014

In this concise 30-minute webinar, participants have an opportunity to learn more about how Parylene coatings are applied, their features, and the value they add to devices and components.

register:WEBCAST


Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected