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    Colombia's Ecopetrol to Auction off Nine Oil & Gas Sites


The assets produce 3,000 barrels of oil equivalent/day.

by: Joe Murphy

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Colombia's Ecopetrol to Auction off Nine Oil & Gas Sites

Colombia's state-owned Ecopetrol has invited bids for nine oil and gas production assets, it said on September 23, as part of a larger divestment programme.

An electronic auction for the assets will be held in the fourth quarter, Ecopetrol said, noting that the divestments were in line with its focus on capital discipline, cash protection, cost efficiency and profitable growth.  Bidders will be vetted by Colombia's National Hydrocarbon Agency.

"This auction will allow other companies in the sector to access assets with potential to develop production and reserves," Ecopetrol CEO Felipe Bayon commented.

Three of the assets are situated in the Casanare province, two in the Tolima province, two in the Santander province and one each in the Cesar and Huila provinces. They produce 3,000 barrels of oil equivalent/day and hold 17mn boe in proven, probable and possible reserves. Proven reserves alone are estimated at 11mn boe.