Colombia has 11 active offshore oil and gas contracts with combined exploration commitments totalling US$1.96bn.
The largest in investment terms are the Repsol-operated Col-4 and Gua-Off-1 blocks, which each carry minimum obligations totaling US$345.21mn in their exploration stage.
The information was published in a mines and energy ministry report that accompanied proposed new technical guidelines for offshore drilling, released for public consultation last week.
The Chevron operated Gua-Off-3 contract has the third highest investment figure – US$342.03mn – followed by Ecopetrol's Col-5 license, for which US$341.96mn have been slated.
Chevron's Col-3 block is next with a pledged exploration budged of US$341.83mn while the Petrobras-operated Tayrona area is earmarked to receive US$146mn.
Some US$87.23mn will be pumped into Ecopetrol's Gua-Off-10, US$3.09mn into Repsol's RC-12 and US$6.95mn into ONGC Videsh's RC-10 project.
Ecopetrol's Fuerte Sur and Purple Angle blocks are in an integrated evaluation phase following successful initial drilling programs.
An additional US$1.189bn could come from exploration activities at Col-1, Col-2, Col-6 and Col-7, according to the report. Operator Occidental Petroleum has until February 2021 to decide whether to convert technical evaluation contracts for the areas into exploration licenses, it said.
The energy ministry's project registry also includes four contracts in a development or "discovery evaluation" phase.
They are the integrated Col-5, Fuerte Sur and Purple Angel areas and the Orca discovery within the Tayrona block.
Between them, the Colombia, Guajira and Sinú offshore basins hold 3.75Bboe (billion barrels of oil equivalent) in a moderate scenario, the ministry said, citing a study by Colombia's Universidad Nacional. Colombia is the largest basin, with estimated resources of 3Bboe.
Source: Bnamericas
