Page 9 - LatAmOil Week 21 2022

LatAmOil TRINIDAD AND TOBAGO LatAmOil

The first sale attempt led the government of workers, in 2019.
Trinidad and Tobago to begin negotiations with However, Port of Spain was never satisfied
Patriotic Energies and Technologies Co., a sub- with Patriotic’s offer, which was revised several
sidiary of the Oilfields Workers’ Trade Union times. As a result, it decided last year to abandon
(OWTU), which represents local oil and gas the first privatisation campaign and try again. ™

COLOMBIA
Ecopetrol to team up with Oxy subsidiary in

exploring four offshore Caribbean blocks

COLOMBIA’S national oil company (NOC) strategy ‘Energy that transforms,‘ one of whose
Ecopetrol announced last week that it would be drivers seeks to maintain competitiveness in the
teaming up with a subsidiary of the US-based hydrocarbon chain by increasing offshore explo-
Occidental Petroleum (Oxy) to explore four off- ration,” Ecopetrol CEO Felipe Bayón remarked
shore blocks in Colombia’s section of the Carib- upon the signing of the deal.
bean Sea. Prior to the conclusion of the agreement, all
This joint exploration deal with Anadarko four blocks concerned underwent geological
Colombia Co. will aid Ecopetrol in its mission evaluations based on seismic information col-
to strengthen Columbia’s offshore exploration lected by Anadarko. The results of these studies
work, the NOC said in a statement. indicate that there is a possibility that the sites
Under the new agreement, Ecopetrol and hold significant quantities of hydrocarbons; if
Anadarko Colombia Co. will explore the deep- they do, development could prove to be trans-
water blocks COL 1, COL 2, COL 6, and COL 7 formational for the Colombian oil industry.
in the hope of finding commercial deposits of Exploration will allow both companies
hydrocarbons. Ecopetrol will receive 40% stakes to scour the licence areas and collect seabed
in the blocks in the exploration and production samples in order to determine whether hydro-
licences issued for these blocks, while Anadarko carbons may be present – and if so, in what
Colombia Co. will own the remaining 60%. The quantities and of what types. The partners also
completion of the deal is subject to the approval aim to carry out exploration drilling, which Eco-
of Columbia’s National Hydrocarbons Agency petrol believes will pose an “important techno-
(ANH). logical challenge,” particularly since it will be
“We are very pleased to seal this new alli- done in deep waters.
ance with Oxy, a first-rate partner, to continue The blocks are located in the northeastern
strengthening the exploration portfolio in the part of the Caribbean Sea off the Colombian
Colombian Caribbean in line with our 2040 coast. ™

All four blocks awarded to Ecopetrol and Oxy are in a deepwater section of the north-eastern Caribbean Sea (Image: Ecopetrol)

Week 21 26•May•2022 www. NEWSBASE .com P9