Colombia betting on offshore oil and gas explorationNews // July 28, 2014
Local press reports say the head of Colombia's National Hydrocarbons Agency, or ANH, believes the country "is counting on offshore production to boost its oil and gas reserves."
"In Colombia, we face the challenge of increasing hydrocarbon reserves. One of the main hopes for achieving this is through hydrocarbon production offshore," Javier Betancourt was quoted as saying in an ANH statement.
Offshore operations "will bring significant investment to coastal cities," as well as "substantial investment to adapt and acquire infrastructure" and "implement new technology for exploring in water," the ANH says.
Colombia recently received bids from companies interested in 26 oil and gas exploration blocks that the country will auction off next month.
Fifty-seven conventional onshore, 14 offshore and 19 non-conventional shale oil and gas blocks were on offer, as well as eight blocks containing unconventional gas associated with coal deposits, also known as coal-bed methane.