The Agencia Nacional de Hidrocarburos (ANH) announced on 11 March 2019 that it signed exploration and production (E&P) contracts with Shell, for the offshore COL 3 and GUA OFF 3 blocks in the South Caribbean Deformed Belt Basin and Lower Guajira Basin, respectively. COL 3 and GUA OFF 3 blocks, were part of the several offshore blocks previously held as Technical Evaluation Agreements (TEAs) and now converted to E&P contracts. The signed deal by both parties, involves an initial USD 100 million investment for the first phase of exploration. This includes a 1,000 sq km 3D seismic acquisition, the drilling of at least an exploration well for COL 3 block. Commitments for the GUA OFF 3 Block include a 2461 sq km 3D seismic acquisition, approximately 2000 sq km 3D seismic reprocessing, and 43 sample piston cores. The ANH also noted that if Shell decides to proceed after the first phase, the next two phases of exploration could total an estimated USD 650 million in commitments.  Background Information    Shell was first given a preliminary      award by the ANH, for the Technical Evaluation Agreement (TEA) OF COL 3      block on the 1 November 2012 and it was later officially awarded on the 27      November 2012. The TEA was renewed on 31 December 2013.
Shell has signed exploration and production contracts for two blocks off Col 3 & Gua 3, ab. 8800kmÂ² and former TEAs.