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Article: Colombia's offshore, better security, attracts majors.
- Article from:
- International Petroleum Finance
- Article date:
- October 1, 2007
CopyrightCOPYRIGHT 2007 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Since introducing new contract terms four years ago, aimed at attracting new investment and arresting the decline in the country's oil output, Colombia has offered some of the most attractive exploration terms in Latin America. But so far only smaller companies have taken the plunge, with the world's majors showing little interest in the country's oil fields. However, with new, more promising offshore acreage now on offer, majors including Exxon Mobil are at last showing an interest.
Oil has historically been hard to find in Colombia, where, according to private estimates, only one in seven wells drilled yields crude, compared to one in three in neighboring ...