Brazil's OGX Petroleo e Gas Participacoes SA (OGXP3.BR) said Wednesday it has submitted winning bids for five oil and gas exploration blocks in Colombia.
The formal awarding of the concessions by Colombia's National Agency of Hydrocarbons is expected to occur in the coming days, the company said in a press release.
Through its subsidiary OGX Petroleo e Gas Ltda, it won five blocks covering a combined 12,580.7 square kilometers in three onshore basins, comprising blocks CR-2, CR-3 and CR-4 in Cesar-Rancheria, block VIM-5 in the Lower Magdalena Valley and block VMM-26 in the Middle Magdalena Valley, it said.
OGX said it has committed to a total investment of approximately US$125 million over the first three years for the initial exploratory period, which includes the acquisition of seismic data and the drilling of wells.
The company's portfolio has increased to 34 exploratory blocks, of which 12 are onshore and 22 offshore, totaling
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