Pilfering Data Shows Stakes Are High in Colombia Offshore Quest

“There have been some major discoveries announced recently in the Colombian offshore and very little is known about them,” he said Wednesday in a telephone interview. “That is going to be a very competitive environment for exploration, so that data is valuable to a lot of interested parties.”

Petroleo Brasileiro SA will drill two more wells at a cost of $450 million after its Orca-1 well in Colombia’s Caribbean found gas last year, hydrocarbons agency head Mauricio de la Mora said May 20. Ecopetrol and Repsol are partners in the project. Results from Anadarko Petroleum Corp.’s Kronos-1 well in the Caribbean are expected this quarter, partner Ecopetrol said May 13.

Caribbean Prize

The theft of seismic data also comes as Ecopetrol seeks to divest non-essential blocks. The company expects to receive offers for five onshore and three offshore areas in June, Torres said last month. The offshore blocks are located in the Caribbean, the company said in e-mailed response to questions.

“The Caribbean offshore has high potential but there’s been limited exploratory activity,” Wood Mackenzie Ltd. Vice President of Upstream Consulting Sebastian Borgarello said in e- mailed response to questions. “It could be very important for the future of Colombia’s oil sector.”

Colombia’s energy industry has been dogged in recent years by permitting delays, rebel attacks on pipelines and community blockades. Seismic data theft threatens to further damage its international reputation, Ultrabursatiles’ Hernandez said.

“This is pretty negative for the country’s image,” he said. “This type of event erodes investor confidence, especially among foreigners.”

To contact the reporter on this story: Andrew Willis in Bogota at awillis21@bloomberg.net To contact the editors responsible for this story: James Attwood at jattwood3@bloomberg.net Robin Saponar


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