Tuesday, May 28, 2024

Logo Central America Link

Shell sells Colombian blocs

Wednesday, March 27, 2019

Shell has sold 40 percent of its participation in two offshore oil exploration contracts in Colombia to Noble Energy, which will also operate the blocs, the government said on Tuesday.

Colombia recently modified contractual terms for offshore exploration and launched a permanent bidding process in an effort to boost its long-stagnant oil sector.

Neither the companies nor the national hydrocarbons agency (ANH) shared financial details of the deal for Noble’s involvement in the Caribbean COL-3 and GUA OFF-3 blocs, which cover more than ​​880,000 hectares, Reuters reports.