Colombia’s Agencia Nacional de Hidrocarburos (ANH) said that it will sign contracts for offering four onshore blocks in the country to Canadian oil and gas firms Parex Resources and CNE Oil & Gas.

According to the national hydrocarbons agency, the associated investments for the blocks are estimated to be around $40m.

The offered blocks are VIM 43, VIM 44, VMM 47, and LLA 134, which are said to have potential in gas and crude oil. They were offered under the Nation – Territory Coordination and Concurrence Procedure.

The contracts with the Canadian firms will be signed on or after 30 November as no counteroffers were made during Colombia’s third cycle of the Permanent Process for the Assignment of Areas (PPAA).

ANH said that the investments will cover the two phases of the exploration period, which are minimum exploration programme and additional exploration programme.

Colombian Minister of Mines and Energy Diego Mesa Puyo said: “The results of the third cycle of the Permanent Process of Allocation of Areas demonstrate the progress of the reactivation of the hydrocarbons sector in Colombia that we have promoted since the National Government.

“This sector will continue to be the linchpin of sustainable revival as the gateway to investment and employment generation, as well as the fundamental axis of our energy self-sufficiency.”

ANH also announced that 16 companies have qualified for the fourth round of the PPAA, which will be launched on 20 November 2020 at the 3rd Oil and Gas Summit.

Recently, CPVEN has provided a binding commercial offer to NGX Energy for gas drilling and services to develop SN-9 in Colombia.

SN-9’s wells are NGX Energy’s 311,353 acre project in the Lower Magdalena Basin of Colombia, which is a prolific hydrocarbon producing region near the Caribbean coast.