Colombia Government Releases Results Of Oil-Exploration Auction

Date : 06/23/2010 @ 9:59AM
Source : Dow Jones News
Stock : Gran Tierra Energy Inc. (GTE)
Quote : 2.83  0.04 (1.43%) @ 12:06AM

Colombia Government Releases Results Of Oil-Exploration Auction

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CARTAGEMA, Colombia (DOW JONES)--The Colombian oil licensing agency ANH on Wednesday released the results of the auction of exploration rights for 95 areas across the country.

The companies that filed the highest bids for the areas included Royal Dutch Shell PLC (RDSA), France's Etablissements Maurel et Prom SA (MAU.FR) and Canada-listed Gran Tierra Energy Inc. (GTE, GTE.T). Shell presented the highest bid on two blocks, Maurel et Prom on one and Gran Tierra on three.

Among highest bidders also were Ecopetrol SA (EC, ECOPETROL.BO), which teamed with Spain's Repsol YPF SA (REP, REP.MC) and South Korea's SK Energy (096770.SE) in some blocks, Pacific Rubiales (PEGFF, PRE.T) and Canacol Energy (CAAEF, CNE.V), among others.

Colombia's National Agency of Hydrocarbons, or ANH, had put up more than 200 blocks for auction and received offers for 95. In total, companies made a commitment to invest more than $1 billion in exploration in those blocks, he said.

-By Inti Landauro, Dow Jones Newswires; 57-310 867 65 42;


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