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ANH & Shell Subscribe Two Exploration & Production Contracts

Source: www.gulfoilandgas.com 3/11/2019, Location: South America

The national hydrocarbons agency, ANH, and shell subscribe two exploration and production outside agreements with investment commitments of near 100 million dollars in the first phase.

The presidents of the National Hydrocarbons Agency - ANH, Luis Miguel Morelli, and Shell in Colombia, Ana Maria Duque, with the accompaniment of the Vice Minister of Energy, Diego Mesa and Ines Liebing, Director of Shell Exploration and Production Colombia GmbH, signed two important offshore Exploration and Production (E & P) contracts for the "COL 3" and "GUA OFF 3" blocks in the Colombian Caribbean Sea.

According to the president of the ANH, Luis Miguel Morelli: " the signing of these contracts revalidates the confidence of oil investors in the exploration of our offshore resources in the Caribbean." Shell assumes investment commitments of more than 100 million dollars For the first phase of exploration in these two blocks, however, if Shell subsequently decides to continue with the exploratory program of the following two phases, the investment in its entirety may exceed 650 million dollars. $ 400 million recently announced by Petrobras in the Tayrona block and Ecopetrol block in the COL-5 block The wave of offshore exploration in Colombia continues to grow and is the result of the successful execution of the government commitment of President Iv?n Duque to reactivate the hydrocarbon industry in the country ".

The exploration project, which corresponds to the blocks "COL 3" (400,000 hectares) and "GUA OFF 3" (480,000 hectares), will be developed in an area that, as a whole, covers 880,000 hectares. In the contract on the block "COL 3" the commitment is to develop a Minimum Exploratory Program (PEM), which includes the reprocessing of 3D seismic over an area close to 1,000 km 2 , and the drilling of at least one exploratory well in the first phase. The contract for the block "GUA OFF 3" includes a PEM of three phases that includes the acquisition of 2,461 km 2 of 3D seismic, the taking of 43 samples of Piston Core and the reprocessing of 3D seismic over an area close to 2,000 km 2 , in the first phase. The Agency estimates that if the PEMs are fully developed, the investment commitments could exceed 650 million dollars.

The Deputy Minister of Energy, Diego Mesa, stressed that " the signing of these two offshore exploration and production contracts is good news for Colombia." The confidence shown by the companies allows us to look at the energy future with good prospects to continue advancing towards the reactivation of the oil sector, increasing the reserves of crude oil and gas, which today are 5.7 years and 11.7, respectively, is fundamental to ensure energy self-sufficiency and generate more employment, fiscal revenues and opportunities for the country and the regions . "

Ana Maria Duque, president of Shell in Colombia, said: " We are very happy to sign these exploration contracts, they mean a great step for the country in many fronts, we will increase the knowledge of the availability of offshore resources, we will expand the deep-water exploration frontier, and give us the option of continuing to strengthen relations with the communities, with these contracts Colombia will definitely win, and we will bring a co-owner, subject to the corresponding government approvals . "

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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