• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours Reality catching up with EV forecasts
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 12 days US Oil Independence is a myth and will always be a myth
  • 2 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 8 days The Federal Reserve and Money...Aspects which are not widely known
  • 17 days Natural gas price to spike when USA is out of the market
  • 13 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 15 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 16 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
5 Clean Energy Stocks To Watch Ahead Of Earnings Season

5 Clean Energy Stocks To Watch Ahead Of Earnings Season

Energy has been outperforming the…

Colombia’s Ecopetrol to Auction Off 20 Oil and Gas Blocks

Ecopetrol, Colombia’s largest state-run oil company, has announced its plans for an electronic auction of twenty gas and oil blocks to be held on 30 September.

The “Ronda Campos 2016” was announced on 23 June at an auction launch featuring representatives of 138 firms from twenty-one countries, including domestic producers and some that already operate in Colombia.

“The process, which was presented in front of industry representatives, is a public call aimed at national and international companies who wish to strengthen their position in Colombia or expand their operations in the country,” according to an Ecopetrol statement.

ADVERTISEMENT

Ecopetrol expects the anticipated increase in investment from the auction to “improve the hydrocarbon sector”.

Ecopetrol did not detail the names of the twenty sites up for auction, but noted they are located in the regions of Catatumbo, Middle and Upper Magdalena Basins, Llanos, and Putumayo. The sites are situated near “logistics facilities” that the company hopes can serve as particularly attractive to small- and medium-sized investors.

ADVERTISEMENT

Ecopetrol believes the auction process will help to “divest (its) portfolio in order to obtain higher returns for shareholders.”

The company has faced budgetary constraints as a result of the low price of oil; thus, it has been selling assets to fund its investment plan that has shrunk by $1.8 billion this year.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News