×
×
Project Insights

Colombia aims to revive upstream sector

The government has introduced changes to the conditions applied to offshore blocks in an attempt to encourage greater upstream activity The government has introduced changes to the conditions applied to offshore blocks in an attempt to encourage greater upstream activity.
By Elena Mataro 28 March 2019 Americas / Exploration & Production 0 34079
Offices of Ecopetrol in Colombia. (Ecopetrol)

The key issue: Colombia has revamped conditions for its offshore blocks, leading to the signing of three E&P contracts this month. More are likely to follow, and the new terms offered in the country’s latest licensing round look set to further encourage exploration.

Interfax analysis: Colombia’s efforts to breathe life into its upstream sector have had an immediate effect. Shell signed offshore exploration and production contracts for two blocks on 11 March and is contracted to invest a total of $100 million in the development...