It's back to the drawing board for Colombia after posting disappointing results in its latest upstream bid round, billed as a coming out party for the country's unconventional and deepwater resource potential. The lackluster auction, which saw just one unconventional block receive a bid and several international majors watch from the sidelines, is a definite setback for Colombia's exploration efforts just as the country needs more to reverse a stagnant and declining reserve base. As indicated by several international oil companies, the response is a clear indication that regulatory approvals must move at a faster pace if Colombia is to compete with attractive plays opening up elsewhere regionally and worldwide (EIF Mar. 19'14).
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