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Shell and Repsol among winning bidders in Colombia

Thursday, October 18, 2012

Royal Dutch Shell and Spain’s Repsol are among winning bidders at Colombia’s first government auction of oil and natural gas blocks in two years as the country seeks investment to boost reserves.

Shell outbid companies including Ecopetrol to garner an exploratory block in the Caribbean off Colombia’s northern coast.

Colombia expects to produce more than 1 million barrels a day of crude at the end of December, Energy and Mines Minister Federico Renjifo said last week.

Source: Businessweek Bloomberg