Colombia's state-run oil company Ecopetrol SA will split its participation in three oil fields equally with Canada's Parex Resources Inc., which will operate the fields, the government said April 1.
Colombia recently modified contractual terms for offshore exploration and launched a permanent bidding process in an effort to boost its long-stagnant oil sector.
Investment in at least 15 wells in the Aguas Blancas, Boranda and De Mares fields in northeastern Colombia will reach at least $150 million, the national hydrocarbons agency (ANH) said in a statement.
The ANH did not provide further details or say what financial arrangement the two companies had reached under the agreement.
The three fields cover more than 92,000 hectares (227,300 acres), the statement said.
"We have been able to sign three contracts and incorporate a first-class partner in our activities in the Medio del Magdalena Valley," Ecopetrol vice-president Juan Manuel Rojas said in the statement.
Recommended Reading
E-wireline: NexTier Taps Oilfield Grid, Automation for Completions
2024-07-23 - NexTier Completion Solutions is using advanced electric-drive equipment, automation-enabled pump down technology and digital connectivity to optimize wellsite operations during shale completions.
Honeywell Bags Air Products’ LNG Process, Equipment Business for $1.8B
2024-07-10 - Honeywell is growing its energy transition services offerings with the acquisition of Air Products’ LNG process technology and equipment business for $1.81 billion.
TGS Awarded Ocean Bottom Node Data Acquisition Contract in North America
2024-07-17 - The six-month contract was granted by a returning client for TGS to back up the client’s seismic data capabilities for informed decision making.
PGS Gets Greenlight to Begin Surveying for Petrobras 4D Contract
2024-05-30 - After a long permitting process, PGS has secured the last permit needed to begin its large 4D survey contract with Petrobras at the Barracuda-Caratinga field offshore Brazil.
Chemex Agrees to FEED Contract for Verde’s NatGas-to-gasoline Plant
2024-06-05 - Verde said the project will be located in Martin County, Texas. Completion of Chemex’s FEED work is anticipated in early 2025.