Columbia grants offshore exploration contracts to Arco and Amoco
May 28, 1998 Colombia has granted new offshore oil exploration contracts to Amoco and Arco).
The 6-year contracts granted to Amoco and Arco are similar to the offshore deals state-run Ecopetrol signed in April with the Shell and Texaco.
Granted under favourable R-factor terms, each contract covers a total of nearly 6 million acres of potentially oil or natural gas-rich territory off Colombia's Caribbean coast, in a region stretching from the Panama border to just outside the port city of Santa Marta.
At the same time, Ecopetrol said it had opened bidding for 18 new oil exploration projects in the upper and lower Magdalena River Basin, the eastern plains and southern Putumayo province.
