Seven companies bid for eleven contracts in Colombia oil auction [Reuters]
Geopark Ltd Common Shares (GPRK)
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Source: Reuters
Seven companies bid for eleven contracts in Colombia oil auction BOGOTA, June 4 (Reuters) - Seven companies have put in bids for 11 oil exploration contracts in Colombia, the government said on Tuesday, as the Andean country seeks to revitalize its oil sector. Frontera Energy, Geopark, Ecopetrol , Hocol, Parex Resources, Gran Tierra Energy and ONGC Videsh have put in a total of 19 offers, the national hydrocarbons agency said. Ten of the blocks are onshore and one is offshore. At least 22 companies were qualified to bid on 20 blocks on offer in the auction. Results of the bidding are expected on July 16. “For the first time in the history of Colombia an offer of blocks has obtained 55% success,” said agency head Luis Miguel lli. Qualified companies which did not bid will have access to competitors’ offers and can present alternative ones, lli said. Other qualified bidders include: CNE Oil and Gas, Occidental Petroleum, Hunt Overseas Oil Company, Amerisur Exploracion, Mansarovar Energy
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