Two companies present $40 mn bid at oil auction in Colombia

Two Canadian oil companies presented offers for four blocks for oil and gas exploration activities in continental Colombia, in the most recent auction, the National Hydrocarbons Agency (ANH) reported. CNE Oil & Gas, a subsidiary of Canacol Energy Ltd, and Parex Resources Ltd’s Colombian unit each submitted two bids at the auction. Parex Resources bid for blocks LLA 134 and VIM 43, while CNE Oil & Gas bid for VIM 44 and VMM 47. The four offers have an approximate value of 40 million dollars, reported the ANH.

Source: Reuters