Colombia's national oil company Ecopetrol has offered 20 oil and gas blocks to investors through an auction process. The auction attracted 138 companies from 21 countries. The blocks will be sold in an electronic auction on 30 September 2016.
The company is seeking to sell assets to fund its investment plan (US$1.8bn in 2016). The company will keep its planned investments in gas and will focus on exploration and production in Colombia, to raise its production from around 700 kboe/d to 800-850 kboe/d by 2021. Part of this increase could come from the Rubiales field, which could produce 150,000 boe/d as of June 2016.
In February 2016, Ecopetrol announced a US$1.4bn divestment programme, focused on the sale of non-oil related assets by the end of 2017. Ecopetrol is considering selling a petrochemical subsidiary, a gas transportation company and some facilities related to power operations.