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Colombia may house a lot of natural gas

September 19, 2007

Gas news coming out of Colombia these days is very promising. Despite the over 40-year civil war, Colombia continues to attract foreign investment as the Caribbean Round 2007 proved.

The offshore tender, which offered 13 blocks, “exceeded expectations,” according to hydrocrabons regulator ANH.

Only four blocks (1, 2, 3 and 13) didn’t attract any bidders. Companies like Ecopetrol, BP, ONGC Videsh, Petrobras and Hess Corporation took part in the tender. One of the surprises was the absence of Chevron when the winners of the blocks were announced.

How much gas does Colombia have? Apart from about 6TCF it has in proved reserves, some believes that there’s a lot more gas in Colombia. There are expectations that Tayrona block, located in Colombia’s Caribbean waters, may house as much as 11TCF.

Pacific Stratus
of Canada made a very promising discovery in La Creciente in April that could, together without other well discoveries in northern Colombia, give a few Tcf’s more to the country’s proved reserves.

The country to watch in the following years in the gas sector is without a doubt Colombia.

(The article can be reprinted as long as permission is requested from etessieri@latamreport.com and the source is mentioned)

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