Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Colombia cancels 2 oil exploration auctions, to relaunch in 2019

    Colombia cancels 2 oil exploration auctions, to relaunch in 2019

    December 19, 2018
    Share
    Facebook Twitter LinkedIn WhatsApp

    19 December 2018, News Wires — Colombia has canceled two auctions of rights to explore for oil in dozens of areas of the Andean nation and plans to relaunch bidding early next year, the government said on Tuesday.

    The Sinu-San Jacinto round of bidding on 15 blocks in northern Colombia was scrapped after interested companies withdrew, and a round known as the Permanent Competitive Procedure was canceled because of a judicial ruling, the National Hydrocarbons Agency said in a statement on its website.

    It plans to relaunch bidding in February.

    Colombia last held auctions in 2012 and 2014, when it awarded 76 blocks. The government subsequently held off further auctions because of low international oil prices.

    Under the Permanent Competitive Procedure companies can apply for exploration in areas that have not been offered by the government, but a ruling by the Constitutional Court forced the government to define areas for the exploration and exploitation of hydrocarbons.

    Colombia needs to boost foreign investment to revive its stagnant crude and gas production. The nation has 1.78 billion barrels of reserves, equivalent to about 5.7 years of consumption but wants to increase that to at least 10 years of consumption.

    It produces some 860,000 barrels per day (bpd) of crude, half for export. The government expects to increase output to 900,000 barrels of oil equivalent a day this year.

    In the past, Colombia used auctions in which it defined exploration blocks and assigned them every two or three years in a tender process in which the company that made the best economic offer was awarded them. If a block was not delivered it was waiting for a new tender.

    • Reuters

    Related News

    Military busts 27 illegal refineries in Rivers, Bayelsa, others

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    Chevron CEO warned staff of rising safety issues before fatal Angola platform fire

    E-book
    Resilience Exhibition

    Latest News

    NDPHC launches 7.5MVA substation in Borno to boost power supply

    June 9, 2025

    Nigeria sends mining scholars to Australia for training

    June 9, 2025

    Shipping firms dodges $900m cost, as Nigeria hit by empty container glut

    June 9, 2025

    Military busts 27 illegal refineries in Rivers, Bayelsa, others

    June 9, 2025

    ‘OPEC oil output rises in May but compensation cuts limit hike’

    June 9, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.