Colombian government grants 4 new oil concessions to Parex Resources & Canacol Energy Unit

The Colombian National Hydrocarbons Agency – ANH today signed 4 new contracts, at the end of the third cycle of the permanent zone allocation process, or PPAA.

Parex Resources and CNE Oil & Gas, a subsidiary of Canacol Energy, won four estates, with associated investments estimated at around US $ 40 million.

Parex Resources (Colombia) LTD LLA 134 Puerto López and Puerto Gaitán, Meta
Parex Resources (Colombia) LTD VIM 43 Sabanas de San ngel (San Ángel) and Pivijay, Magdalena
CNE Oil & Gas SAS VIM44 San Marcos, Sugar
CNE Oil & Gas SAS VMM 47 Barrancabermeja, Sabana de Torres and Puerto Wilches, Santander

“The signing of these four contracts, which represent an associated investment of around 40 million dollars, are an example of how the government’s policies for the reactivation of the hydrocarbon sector have worked, because after 5 years without signing new exploration and production contracts, we will close 2020 with 30 new contracts thanks to the Continuous Area Nomination Process. This sector will continue to be at the heart of sustainable reactivation as a gateway to investment and job creation, as well as the fundamental axis of our energy self-sufficiency ”, declared the Minister of Mines and Energy. , Diego Mesa Puyo.

Photo above: Rafael Pinto of Parex Resources signs contracts for the third round of the PPAA at the ANH offices. Photo: ANH

“The result of the third round of the PPAA is a reflection of a sector that has remained active and in force, despite the challenges posed by the pandemic and the price crisis and also the participation that companies like Parex and Canacol have made in The Colombian industry. We already have great expectations for the fourth cycle, the Colombia Round 2021, which will present an attractive offer of opportunities, the revision of the contractual terms and the simplification of the processes ”, added Armando Zamora Reyes, president of the ANH.

The first two cycles of the PPAA allocated investment commitments of $ 950 million to 26 zones. A total of 70 domains were offered, with a success rate of 37%.

The postgraduate completes 30 award-winning domains with associated investments of nearly $ 1 billion.

The fourth cycle of the PPAA, the Colombia 2021 cycle should present an attractive offer of opportunities based on geological knowledge, the redefinition and dissemination of the map of the territory, the simplification of the terms of reference, a more efficient selection process for entrepreneurs. , made in a joint construction with industry and other stakeholders.

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