ColombiaCorporate/Commercial Law
With the purpose of increasing the current oil and gas reserves, Ecopetrol has decided to open up two tender rounds for the available inactive areas, active areas, shared risk contracts, incremental production, small fields and fields discovered but not-developed. The first tender round will be awarded on July and the second one will be awarded on September.
Ecopetrol is interested in receiving new proposals for certain areas where state-of-art-technology is required to increase the field's production, or where oil has been found, but no infrastructure development has been undertaken. Ecopetrol is also experimenting a new type of exploration and development contract. Shared risk contracts, are assigned where prospects and prospective areas have already been defined. These contracts are very interesting since they allow the risk to be shared with Ecopetrol, the areas are located near existing oil infrastructure, and the probability of finding oil is very high.
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