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Colombia oil auction draws few bids

Thursday, July 24, 2014

Colombia drew bids for fewer than one third of the blocks it offered at its 2014 oil round on Wednesday, the government said.

Most of the interest was in more familiar and explored regions, which may make it tougher to boost stagnant reserves.

Royal Dutch Shell, Exxon Mobil, Anadarko Petroleum Corp and Spain's Repsol were among the biggest of 19 companies that bid for 26 of 95 blocks offered by Latin America's fourth-biggest oil producer.

Source: Reuters