Colombia seeks to raise $2.6 billion in oil auctions

The National Hydrocarbons Agency of Colombia said it plans to auction 22 million hectares for oil exploration and production for $2.6 billion next year.

As more foreign direct investment has been injected into the Colombian oil sector for the past decade, the country hopes to boost oil production as well as its crude oil reserves.

"We want to motivate companies and entrepreneurs to keep betting on the search for oil in Colombia with competitive and transparent mechanisms that stimulate supply," said Colombia Mines and Energy Minister Amylkar Acosta.

Source: PennEnergy