Colombia seeks more than $2.6 billion in 2014 oil auction


Colombia seeks more than $2.6 billion in 2014 oil auction


BOGOTA , Colombia (Bloomberg) -- Colombia seeks investment of more than $2.6 billion in an auction of oil and gas blocks next year, the Mining and Energy Ministry said.

The government will offer offshore exploration blocks, conventional and unconventional blocks, blocks with coal bed methane and existing fields that haven’t been developed, the head of the country’s hydrocarbons agency Javier Betancourt said in presentation in Bogota. The bidding is open to both local and foreign companies.

The process starts February 20, and the government will assign contracts by the end of July.

Colombian oil output doubled over the last decade as foreign investment poured into the sector and a United States-backed offensive against Marxist rebels opened up new areas for exploration.

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