Good international interest for Colombia oil contracts

Apr 23, 1998 02:00 AM

At least 60 foreign oil firms are interested in bidding for 18 new exploration and production contracts in Colombia.
Ecopetrol chief Enrique Amorocho said many of those companies were already operating in Colombia but added that there were also "five or six newcomers."
"About 60 companies have shown in interest in gaining access to the new blocks," Amorocho said.
The new contracts on offer are the first to be put up for "auction," rather than negotiated on a one-to-one basis between Ecopetrol and private sector associates.
The first contracts, which cover both active and inactive areas as well as for incremental production, will be awarded in late July.
Private sector companies will not place cash offers for the contracts but will bid for them on the basis of what share of output they will offer to Ecopetrol.
Until now the distribution of production has been at a fixed rate.

Source: not available
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