Bidders Line Up For Ecopetrol Project

Meanwhile, eight bidders have qualified to bid for the license to explore and develop 1.7 million hectares in the Colombian province of Meta for unproven oil reserves of around 3 billion barrels together with state-owned oil firm Ecopetrol. The government is looking for investment commitment of around $1.6 billion that it estimates will increase daily production from its current level of 60,000 barrels of crude up to 200,000 barrels. Bidders include Exxon Mobil and Chevron of the US, France’s Total, Brazilian Petrobras, BP of the UK, Russian Lukoil, Spain’s Repsol YPF and China Petroleum and Chemical Corp.