Ecopetrol Receives Four Bids for Colombia Exploration Blocks
- Bid numbers below expectations amid low oil price, budget cuts
- `Ronda Ecopetrol' comprises four stages, seeks to reduce risk
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Colombia’s state-controlled Ecopetrol SA has received four bids for onshore exploration areas, missing company expectations as low oil prices and budget cuts curbed participation.
The bids come from international drillers that already have a presence in the Andean nation, according to Ecopetrol Exploration Vice President Max Torres. Earlier this year Colombia’s main oil producer announced a divestment program called ‘Ronda Ecopetrol’, following suggestions from the Boston Consulting Group to reduce risk and generate cash.