Today, the government announced that 40 percent of the participation of Shell in two offshore oil exploration contracts in Colombia has been sold to Noble Energy. The latter will also operate the blocs.
Recently, Colombia modified the contractual terms for offshore exploration and started a permanent bidding process in an attempt to boost its oil sector that has been stagnant for so long.
Neither the firms nor the national hydrocarbons agency (ANH) shared the financial details of the deal for the involvement of Noble in the Caribbean COL-3 and GUA OFF-3 blocs, which reportedly cover more than 880,000 hectares.
Previously, the ANH has said that the investment in the first development phase for the two blocs will hover approximately $100 million (75.60 million pounds). Earlier this month, Shell signed the contract for them.
In a statement, Luis Miguel Morelli, the President of ANH, said: “This is a serious bet by two great companies on the potential of Colombian offshore.”
Colombia has approximately 1.78 billion barrels of reserves which is equivalent to around 5.7 years of consumption, however, it wants to raise that to cover at least 10 years.
The Andean country produces approximately 860,000 barrels per day of crude, half of which is intended for export.