Colombia Signs More E&P Contracts

Colombia has signed oil exploration and production contracts with Canada’s Petrominerales and local firm Sogomi Energy, taking to 24 the E&P contracts signed so far this year by the state. The companies will be able to carry out exploration in a block each in the Llanos oil basin. Colombia has been keen to attract foreign investment to its hydrocarbons industry and aims to sign a total of 30 E&P contracts this year. Crude production this year has risen to around 600,000 barrels per day (bpd) up from 500,00o bpd last year.