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Deadline nears for companies preparing bids for 2014 deep-sea contracts in Colombia

27th March 2014

Investors are reminded that the formal opening for the bidding process begins next month by Ronda Colombia 2014 roadshow

Ronda Colombia 2014 contracts deadline
Ronda Colombia 2014 deadline getting close

A roadshow designed to drum up support for Colombia's upcoming round of contract auctions ended its time in London last week as the National Hydrocarbons Agency, ANH, publishes its 'Draft Terms of Reference' for bidders.

The ANH is attempting to attract investor by offering favourable contract terms including extended access to deep-sea exploration sites, from six years to nine, and longer exploitation time, 25 years to 30.

According to ANH president, Javier Betancourt, Colombia has pumped over USD 300m into geological research in order to maximise output from targeted fields.

The formal opening of the bidding process will commence April 11 and contracts are expected to be finalised by the end of July.

The Ronda Colombia 2014 roadshow will arrive in Beijing next Monday, where it hopes to drum up vital Chinese investment before finishing with a visit to Jakarta at the end of the week.

Colombia is emerging as the rising star of the Latin American oil and gas industry. Security has improved and corruption eased since the calming of decades-long civil strife, encouraging investors and boosting oil and gas production.

"We are very proud of what we've done over the last 10 years," Betancourt is reported to have said. "Our best asset is our respect for the rule of law."

 

Exploration of Colombia’s shale reserves is also on the cards.

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