The National Hydrocarbon Agency (ANH) of Colombia has received 17 bids from only 10 companies in its ongoing oil auction. Ecopetrol, Canacol Energy and Frontera Energy Colombia were among the bidders, which submitted bids for 15 continental blocks, 6 of which in the Llanos area, 3 in the Putumayo area, 1 in the Sinu-San Jacinto area, and 5 in in the Valle del Magdalena area. The ANH expects to raise US$500m in total investments in the 15 blocks.
The ANH had offered 59 blocks and prequalified 27 companies in November 2019, expecting to sign 20 contracts and to raise US$800m in total investments. The oil auction will close on 5 December 2019. In the previous round, the ANH signed 11 contracts with 6 companies, which should generate US$500m in investments.
Colombia, which is a major oil-producing country, expects to significantly increase its production and export capacity. ANH expects reserves to rise to 4 Gbl by 2020. The country has been an oil-exporting country since 1986. In 2018, oil exports reached 34 Mt (90% of crude oil), a significant increase compared to the average of 18 Mt/year recorded over the 2000s. Most of the oil is exported to the USA.
Do you want to become an expert on renewable energies auctions?
Discover our very detailed and regularly updated RES auctions database with worldwide coverage and a technical focus backed by academic research.
With our renewable energies auctions service you will be able to monitor auctions at a global level. Its (expanding) scope notably includes all major G20 countries and offers an especially fine tracking on Europe and South America.