Occidental Petroleum entered into four exploration and production blocks in Colombia, acquiring a 50 per cent interest from Amerisur Resources, the National Hydrocarbons Agency (ANH) said.
The blocks, Tacacho, Terecay, PUT-9 and Mecaya, together, exceed 554,000 hectares in in the Putumayo province which has high potential for oil discovery.
“These are four very important blocks in Putumayo, a very prospective area of the country that’s developing in leaps and bounds,” ANH President Luis Miguel Morelli said in a statement.
The strategic alliance with Occidental will boost Amerisur’s position in Putumayo, Carlos Andrés Martínez, CEO of Amerisur Exploration Colombia said.
Colombia, with proven reserves of almost 2 billion barrels, is looking to increase reserves to at least 10 years of consumption by offering areas for exploration, allowing companies to apply to explore in blocks of interest.