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Colombia invites bids on 115 prospects for oil

Wednesday, October 17, 2012

Colombia, South America’s third-largest oil supplier, plans to attract investment in new crude reserves and so-called unconventional energy deposits with its first government auction of blocks in two years.

Units of Royal Dutch Shell, Exxon Mobil, and state-controlled Ecopetrol are among companies that have pre- qualified to bid today on 115 blocks.

Colombia needs to find new reserves to ensure future increases in oil production that jumped 72 percent since 2007 as improved security drew record international investment.

Source: Bloomberg