Colombia shortlists 20 firms for heavy oil projects

Uchenna Izundu
International Editor

LONDON, Apr. 4 -- Colombia's National Hydrocarbons Agency (ANH) has invited 20 companies to submit formal proposals in May to develop eight greenfield heavy-oil blocks in the East Llanos basin, the head of the agency told OGJ.

Companies that made the shortlist include ExxonMobil Corp., Royal Dutch Shell PLC, Nexen Inc., and OAO Lukoil. In an exclusive interview, Armando Zamora, director general, said ANH hopes to sign technical evaluation agreements with the winners by July.

"We have invited those with the financial muscle and expertise to do the work," Zamora said. "We want companies that can engage in high risk exploration." The successful companies will have a large area in which to gather data and drill stratigraphic wells, he added. They will then choose a limited area within the technical evaluation agreement (TEA) area. "We will sign a limited number of exploration contracts, depending on the size of the area," Zamora said. "The rest of the block will be open to outside competition."

Zamora anticipates that the ANH will select 4-8 companies to work on the eight blocks, and they will have 3 years to perform TEA work.

According to a study carried out by Halliburton, the blocks hold an estimated 120 billion bbl of original resources in place. Heavy oil development is a major component of ANH's strategy to help Colombia increases its reserves to 4 billion boe by 2020.

It separately is offering 17 heavy oil blocks under its international bidding round to potential operators to sign exploration contracts by October (OGJ Online, Apr. 2, 2008).

Contact Uchenna Izundu at uchennai@pennwell.com.

Related Articles

Low crude prices pressure Latin American producers, CSIS forum told

02/26/2015 Depressed crude oil prices are putting new pressure on Latin American producing countries to improve terms if they expect to attract outside invest...

Antero Resources cuts 2015 Marcellus spending vs. 2014

02/26/2015 Antero Resources Corp., Denver, said it plans to spend $1.6 billion during 2015 for drilling and completion activities in the Marcellus and Utica s...

Chesapeake’s $4-4.5 billion capex down 37% vs. last year

02/25/2015

Chesapeake Energy Corp., Oklahoma City, is budgeting total capital expenditures, including capitalized interest, of $4-4.5 billion for 2015.

New regulator lists UKCS ‘priority actions’

02/25/2015 The UK’s Oil and Gas Authority, responding to calls from industry and the government for prompt support of UK Continental Shelf (UKCS) exploration ...

Grizzly files OSCA application with AER for Thickwood

02/25/2015

Grizzly Oil Sands ULC, Calgary, has filed an Oil Sands Conservation Act application with Alberta Energy Regulator for the Thickwood project.

BLM moving toward strategy for Greater Sage Grouse, Jewell says

02/25/2015 Calling it a remarkable example of federal, state, and local cooperation, US Sec. of the Interior Sally Jewell said the US Bureau of Land Managemen...

Encana trims additional $700 million from 2015 capital budget

02/25/2015 Encana Corp. is reducing its previously reported capital investment for 2015 by $700 million to $2-2.2 billion “to maintain a solid balance sheet a...

Hickenlooper’s siting task force calls for more local consultation

02/25/2015 Colorado Gov. John W. Hickenlooper’s (D) oil and gas siting taskforce called for more consultation and greater involvement with local communities o...

Waterflooding boosts oil production at Nimr-C in Oman

02/25/2015

Waterflooding has increased oil production from Nimr-C field in southern Oman sixfold in 4 years, Petroleum Development Oman (PDO) reported.

White Papers

Three Tips to Improve Safety in the Oil Field

Working oil fields will always be tough work with inherent risks. There’s no getting around that. Ther...
Sponsored by

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by
Available Webcasts


OGJ's Midyear Forecast 2015

When Fri, Jul 10, 2015

This webcast is to be presented by OGJ Editor Bob Tippee and Senior Economic Editor Conglin Xu.  They will summarize the Midyear Forecast projections in key categories, note important changes from January’s forecasts, and examine reasons for the adjustments.

register:WEBCAST


Predictive Analytics in your digital oilfield - Optimize Production Yield and Reduce Operational Costs

When Tue, Jul 7, 2015

Putting predictive analytics to work in your oilfield can help you anticipate failures, plan and schedule work in advance, eliminate emergency work and catastrophic failures, and at the same time you can optimize working capital and improve resource utilization.  When you apply analytic capabilities to critical production assets it is possible to reduce non-productive time and increase your yield.

Learn how IBM's analytics capabilities can be applied to critical production assets with the goal of reducing non-productive time, increasing yield and reducing operations costs.

register:WEBCAST



On Demand

Cognitive Solutions for Upstream Oil and Gas

Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST


Emerson Micro Motion Videos

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