Cepsa wins four hydrocarbon exploration and production contracts in Colombia
Once the concession is formalized, the company will have an upstream portfolio of 17 permits in Colombia including the Upper Magdalena River Valley. During the Colombia Round 2008 licensing process, Cepsa, in consortium with the Canadian oil groups Meta Petroleum and Talisman, was awarded Blocks CPO 12 and CPO 14. Subsequently, in the Mini Round 2008, Cepsa Colombia was the successful bidder of blocks LLA 22 and LLA 26, with a 100% working interest in both. With these four new contracts, involving additional investments estimated to amount to over $50 million, the company expects to significantly broaden its exploration operations and presence in the country. These contracts come in addition to the recent acquisition of exploration and production rights in the Caracara Block in Colombia, where Cepsa already operates three fields with a total output of 20,000 barrels of oil per day.