Colombia to extend existing oil licenses: Part of plan to boost reserves

摘要

Colombia will extend the life of companies' existing oil concessions in an effort to boost proven reserves by around 300-mil bbl, Mines and Energy Minister Luis Mejia said in a radio interview Aug 5. Foreign companies working in Colormbia have long complained about the contract system now in place whereby they hold an E&P concession jointly with state oil company Ecopetrol but then are often forced to relinquish their stakes once the standard 20-year contract term has expired.