Colombia Moves to Boost Offshore Oil Development

By James Burgess | OilPrice

Colombia is hoping to attract international oil companies to help develop its offshore oil reserves, and will hold an auction for 97 tracts in both the Pacific and Atlantic in July 2014. Bloomberg reports that Royal Dutch Shell, ExxonMobil, and ConocoPhillips have all expressed interest in bidding. Colombia has ramped up oil production since 2007 after years of stagnant levels of growth.

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