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Colombia Received 17 Offers for Its Bid Round

Source: www.gulfoilandgas.com 11/26/2019, Location: South America

During The Proposal Deposit Hearing Of The Second Cycle Of The Permanent Area Assignment Process (PPAA) Of 2019, Held Today, The Oil Companies Authorized To Participate In The Last Bid Of The Year, Presented 17 Bids For 15 Blocks Of The 59 In Dispute.

After Five Years Without Having Signed Contracts For Exploration And Production Of Hydrocarbons By Competition, Colombia, Through The National Hydrocarbons Agency - ANH, Reached A Historic Success Rate Of 37% (26) On The 70 Areas Offered In This Year Two Continental Blocks, LLA 124 Of The Llanos Orientales Basin And SIN 26 Of The Sin? - San Jacinto Basin, Were The Most Desirable By Investors With Two Offers Received For Each.

According To Luis Miguel Morelli, President Of The ANH, The Overall Result Of The PPAA 2019 Auction Cycle Yields An Allocation Success Rate Of 37%, A Result That Exceeds The International Average Of 30% For Allocation Of Areas By Contest . At The Beginning Of This Second Bid, 17 Bids Were Received For 15 Continental Blocks, With Estimated Investment Commitments Of More Than 500 Million Dollars. This Figure May Grow After The Counteroffering Hearing Scheduled For December 5. Today's Exercise Shows The Confidence Of Oil Investors In The Development Of The Country, In A Challenging Environment Of Low Prices And Social Turbulence In The Region. The Reactivation Of The Sector Is Underway And By 2020 We Expect That The Investment Committed Will Begin To Be Reflected In The National And Regional Economic Dynamics. "

For Its Part, The Minister Of Mines And Energy, Mar?a Fernanda Su?rez, Said: The Award Of 26 Blocks In The Permanent Process Of Allocation Of Areas, And The Signing Of 5 Offshore Contracts, In This Government, After Five Years Without Signing Exploration And Production Contracts, It Confirms The Reactivation Of The Sector For The Benefit Of Colombians. This Translates Into New Employment Opportunities, Estimated Investments Of More Than 2.7 Billion Dollars And Income To Continue Closing Equity Gaps In The Regions. Hydrocarbons Will Continue To Be Necessary For A While And We Must Respond To The Growth In Demand For These Energy While Advancing The Energy Transformation. "

What Follows

The Proposals Received Today Will Be Validated By An Independent Auditing Firm, And On December 3 The National Hydrocarbons Agency Will Publish The Final List Of The Best Initial Proposal For Each Of The 15 Areas That Received An Offer And The Declaration Of Area Not Allocated For Those Blocks That Did Not Receive A Proposal From Investors. The Latter Areas May Be Included In The New Auctions Scheduled By The ANH Next Year.

The Bid Will Continue On Thursday, December 5 , At The Hotel Marriot Bogot? (Avda. El Dorado # 69B-53) At 8:00 Am, When The Counteroffering Hearing Is Held , Where Companies Will Have The Possibility To Improve The Initial Proposal Of Each Of The 15 Areas That Remain In Competition. After The Validation Of The Counter-Offers By The Audit Firm, The ANH Will Publish On December 11 The Most Favorable Counter-Offer Statement For Each Of The 15 Competing Areas. On December 12 , Only The Initial Proponents Of Each Disputed Area May Execute The Option To Improve The Respective Counter Offer. Finally, On December 18, After Validation Of The Independent Audit, The ANH Will Publish Through An Administrative Act The Award Of The 15 Competing Areas To The Best Offer Reached For Each Of Them. As Of December 11, The New Contracts Will Be Signed For Those Areas That Do Not Receive Counter Offers, And From December 20 For The Areas That Received Counter Offer.

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