The Colombian National Agency of Hydrocarbons (ANH) has assigned another exploration block to Ecopetrol S.A. in the Open Round Colombia 2010 bidding process, following the Company´s winning bids for nine other blocks located in various provinces of the country.
The new block, designated as LLA-6, is located in the provinces of Arauca and Casanare and covers an area of approximately 76,629 hectares. Ecopetrol has offered ANH an investment of US$8 million for exploration activities in this block.
ANH proceeded to assign the block to Ecopetrol, who had come in second in terms of eligibility, after validating the bids and verifying that the requirements of the bidding process´s Terms of Reference had been met.
During the Open Round Colombia 2010, which was held in Cartagena on June 22, 2010, Ecopetrol won nine exploration blocks covering an area of approximately 2.8 million hectares. Ecopetrol has a 100% interest in five of these blocks. Ecopetrol´s estimated investment in these blocks will be approximately US$102 million over the next three years.
