The Agencia Nacional de Hidrocarburos (ANH) signed an exploration and production (E&P) contract with Repsol and partner ExxonMobil for the COL 4 Block located offshore Colombia Basin. The effective date is 3 April 2019 when the companies signed the 50%-50% deal. Repsol will continue as Operator of COL 4 Block. This is one of several offshore blocks that were held as Technical Evaluation Agreements (TEAs), and COL 4 is now converted to an E&P contract. Colombia changed contractual terms for offshore exploration recently to boost its petroleum sector.  Background information    Effective 20 August 2014, the ANH      negotiated a Technical Evaluation Contract (TEA) - Type 3, with Repsol SA      for the COL-4 Block located offshore Colombia. Repsol (33.34%) ExxonMobil      (33.33%) and Statoil (33.33%) were awarded the 10,793.31 sq km offshore block      during the first phase of the Ronda Colombia 2014 in July 2014. This award      represents Statoil entry to Colombia. Details for the exploration phase      program were not released. However Statoil reported that initial working      commitments include a 2D and 3D seismic acquisition. The expected      investment of USD 18 million, plus the 1% additional royalty won the block      for the group â the only bidder.
The Agencia Nacional de Hidrocarburos (ANH) signed an exploration and production (E&P) contract with Repsol and partner ExxonMobil for the COL 4 Block located offshore Colombia Basin. The effective date is 3 April 2019 when the companies signed the 50%-50% deal. Repsol will continue as Operator of COL 4 Block. 