Ecopetrol offers 20 oil and gas blocks for auction in Bogota

Colombia’s state oil company Ecopetrol has announced the offering of 20 oil and gas blocks for auction, as part of its ‘Round Campos 2016’ process in Bogota.

These production assets are located in Catatumbo, Middle and Upper Magdalena Valley, Llanos, and Putumayo.

The latest move is part of the company’s plan to cut back amid weak crude prices worldwide.

Ecopetrol said that the ‘Round Campos 2016’ is part of its new strategy 2015-2020, which is supported by the creation of sustainable value operation of its assets.

The company’s fields are located near logistic facilities, which constitute an additional attraction for small as well as medium-sized oil and gas companies.

The latest process is a public call which is aimed at domestic and international companies proposing to bolster their position in Colombia.

This process is also meant for companies looking to expand their operations in the country.

Ecopetrol plans to award the best financial offers though a process planned be held on 30 September this year through an electronic auction.

Reuters reported the company saying that the auction was attended by 138 companies from 21 countries, and some of them already operate in the Andean country.