Colombia lures oil firms with improved contracts

The Government of Colombia improved its deep-water oil block contracts, attracting the interest of major firms.

Among the companies who expressed interest in the new contracts are Royal Dutch Shell, Repsol and BG Group.

Companies drilling in deep water will be able to recover 200 million barrels before the government begins taking a 30 percent royalty, with operators in ultra-deep water allowed 300 million barrels, said Deputy Energy Minister Orlando Cabrales.



Source: Bloomberg