Offshore staff

BOGOTA, Colombia -- Colombia's Agencia Nacional de Hidrocarburos held a closing ceremony to mark the award of bids in the Caribbean Round bidding process. Organizers say the event exceeded expectations.

Nine of the 13 blocks on offer were awarded.

Block RC#10, north of Chevron's Guajira contract, was awarded to the consortium formed by ONGC Videsh Ltd., which will operate the block with 50% interest, and Ecopetrol, which holds the other 50%. Plans for this block include an investment of $5.3 million during the first phase of exploration.

Ecopetrol was awarded block RC#11. The company plans to invest $5.3 million during the first phase of exploration. Ecopetrol also won block RC#12. The initial investment during the first phase of exploration in this block also is set at $5.3 million.

Block RC#4, north of the Rosario Islands, was awarded to a consortium of three companies. BP Exploration Co. (Colombia) Ltd. will operate the concession with 35% interest. Ecopetrol holds a 35% share, and Petrobras Colombia Ltd. holds the remaining 30%. Initial investment is set at $5.5 million.

Block RC#8, west of the Guajira contract, was awarded to ONGC Videsh Ltd.. OVL will operate the block with 40% interest. Partners include Ecopetrol with 40% interest and Petrobras Colombia Ltd. with a 20% share. The partners have agreed to an initial investment of $5.3 million. The partners were also awarded block RC#9. Ecopetrol will operate the license with 50% interest. OVL holds the other 50%. Investment on the block will be another $5.3 million for the first exploration phase.

Block RC#5, north of Cartagena, was awarded to BP Exploration Co. (Colombia) Ltd. The initial investment in this block will be $5.8 million.

Block RC#7, which lies between Barranquilla and Cartagena, was awarded to a consortium made up of Petrobras Colombia Ltd., which will act as operator with a 40% share, Ecopetrol, with a 30% share, and Hess Corp., with a 30% share. Initial investment is set at $5.3 million. The same group was awarded block RC#6. Initial investment will be $5.3 million.

Contracts will be signed for these bids Oct. 2-17, 2007.

9/20/2007