Colombia: Ecopetrol wins first bid in the first offering of unconventional pilots; Drummond, ExxonMobil and Tecpetrol did not submit bids
“ExxonMobil among pre-qualifiers for Colombia fracking auction” – 1 February 2021
US major ExxonMobil is among four companies to prequalify for Colombia's second licensing round for unconventional oil and gas projects…Local state-run oil producer Ecopetrol, US firm Drummond and Argentine company Tecpetrol also made the preliminary list published by regulator ANH…Ecopetrol was the only winner in the first offering of unconventional pilots, which form part of the government's strategy to replace dwindling oil and gas reserves…The Bogotá-based firm committed to a minimum of US$76.7mn in exploration investment for the Kalé area in the Middle Magdalena Valley basin…ExxonMobil and Drummond did not submit bids in the opening auction despite having prequalified…"ANH will review the recommendations in order to independently consider the possibility of making adjustments and providing conditions more favorable to the country's interests," the entity said…Officials have said that companies will have the chance to bid for up to 60 onshore and offshore blocks in the round…The process will offer onshore areas in the Lower Magdalena Valley, Upper Magdalena Valley, Llanos Orientales, Catatumbo, Cesar Ranchería and Caguán-Putumayo basins. Offshore blocks will be available in the Sinú-San Jacinto, Guajira Offshore and the ultra-deepwater Colombia Offshore basins…