Colombia oil reserves up for bid in major exploration grant sale

Jun 10, 2014 12:00 AM

 

Over 100 oil exploration blocks are to be auctioned in Colombia on July 23 in the latest round of exploration grants.

The 101 blocks are situated in 15 of Colombia’s 32 states are a mix of blocks.  They include land-based and offshore deposits, as well as ‘unconventional’ coal-seam gas resources.

The blocks are up for bidding in an auction called Ronda Colombia 2014 that will take place on July 23.

The blocks total approximately 54.36 million acres, but it is unlikely that all the blocks will go for bidding, the independent risk agency, Control Risks, announced in a new report.

Colombia was rated the most attractive country in Latin America for oil investment, this month, but challenges remain.

The risk agency says there are several threats when investing in Colombia’s oil reserves including risks of guerrilla attacks on the oil infrastructure, corruption, time-consuming and costly licensing processes, and pipeline bottlenecks.

In 2013 Colombia’s oil reserves grew 2.86% to 2.4 billion barrels. In the last six years the increase in proven oil barrels has been at an average of 6.9% a year.

But just last year Colombia’s mining minister said Colombia is to run out of oil by 2020.

 

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