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Colombia Seeks More Than $2.6 Billion in 2014 Oil Auction

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 today.

The government will offer off-shore 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 Feb. 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 U.S.-backed offensive against Marxist rebels opened up new areas for exploration.

Oil exports rose to $31.6 billion last year, from $16.5 billion in 2010, accounting for 52 percent of the Andean nation’s overseas sales.

To contact the reporter on this story: Christine Jenkins in Bogota at cjenkins28@bloomberg.net

To contact the editor responsible for this story: Matthew Bristow at mbristow5@bloomberg.net

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