ANH Launches Caribbean Bidding Round
Colombia's hydrocarbons agency ANH has launched bidding for E&P licenses off its Caribbean coast, agency director Armando Zamora told reporters.
The Caribbean Round 2007 bidding involves 27 offshore properties that together cover 3.14Mha, Zamora said at a press conference at the 2nd Oil and Gas Investment Conference in Colombia's Caribbean city of Cartagena.
"The Caribbean Round is an important step toward consolidating advances on a new frontier with ample and recognized potential," he said. "The principal objective of the round is to generate exploration activity."
ANH has organized the properties in three separate groups: one in the east, the second off the coast of Cartagena and the third in the southwest. Project winners will be expected to invest US$5mn-10mn in each property.
"These are moderate risks," Zamora said of the projects, correcting previous comments in which he described them as high risk. "There are very good signs of hydrocarbons."
ANH will now publish guidelines and present the projects in public, aiming to award contracts by August 2007.
The process is part of Colombia's strategy to attract private investment to boost oil and gas output.
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