The Colombian hydrocarbon-licensing agency ANH is planning a prompt determination for oil exploration areas in the Caribbean that will be relinquished by operators next year.
Offshore staff
(Bogotá)-The Colombian hydrocarbon-licensing agency ANH is planning a prompt determination for oil exploration areas in the Caribbean that will be relinquished by operators next year. ANH Director Armando Zamora said the Colombian government will put these areas back up for auction in 2006 if studies indicate the presence of hydrocarbons.
According to current exploration contracts signed with the government, two investing groups must relinquish 50% of exploration blocks located in the Caribbean waters offshore Colombia. These contracts are held by a joint venture between ExxonMobil and Petrobras in the Tayrona block, and by BHP Billiton in the Fuerte block.
These groups will be allowed to re-bid for the acreage after the scheduled relinquishing, and they may find themselves competing with other foreign companies such as Norway's Statoil ASA.
The government of Colombia is encouraging more foreign investment in offshore projects such as these in an attempt to reverse declining production and reserves.
According to Zamora, if new reserves are not found soon in Colombia, the country will become a net oil importer by 2011.
