ONGC Videsh came out top bidder in Colombia’s better-than-expected Caribbean Round of licensing, nine blocks of 13 offshore blocks were awarded.
A 50-50 consortium formed by operator ONGC Videsh Ltd. of India and Ecopetrol won the prize Block RC10 near Chevron’s Guajira contract. The partners must spend at least $5.3 million exploring.
Operator BP will lead a consortium of Ecopetrol and PETROBRAS on Block RC4 north of the Rosario Islands, where they must spend $5.5 million exploring and pay 16 percent of any later production profits to the Colombia government.
ONGC Videsh with a 40 percent share will also act as operator of Block RC8, also near Guajira, where PETROBRAS will hold 20 percent and the partners must spend $5.3 exploring.
ONGC also scooped 50 percent of Block 9 in this premier award round of the Agencia National de Hidrocarburos’s.
