ANH: Foreign Investment in Colombia Set Record in 2006

Foreign direct investment in Colombia's oil and gas industries during 2006 totaled a record US$1.5 billion, hydrocarbons regulator ANH said in a statement.

The figure for this year is expected to at least match 2006 levels, the statement added.

In 2002, the oil industry reported foreign investment of US$449 million. In 2005, the figure had risen to US$1.13 billion and for the first nine months of last year the amount was US$1.29 billion.

ANH's director general Armando Zamora said improved security in previously dangerous areas of Colombia has allowed investors to expand E&P efforts in places such as Choco, Catatumbo, Villarica in Tolima and Vichada.

The official also said that by August or September this year several new offshore E&P licenses will be awarded through the Ronda Caribe process, and another 10 areas declared void will be auctioned again.

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