The ANH incorporated a new contractual framework, attractive to both national and foreign
investors willing to participate in the oil business. The result of this move has resulted in the signature of 84 Exploration & Perforation Contracts and 47 Technical Evaluation Agreements (TEAs) as of December 2006.A significant number of companies, representing
a cross-section of industry players, have entered
or returned to explore and produce oil and gas in
the country. These include multinational majors
such as ExxonMobil, state-owned companies like India’s ONGC-Videsh and China’s Sinopec, and independent companies such BHP Billiton and Reliance.A series of technical exploration agreements were executed by ANH and private investors, resulting in about 80% of the seismic surveys undertaken in Colombia since 2004. The ANH not only met, but exceeded its original targets to promote seismic activity in the country.
The new policy seeks to open new exploration opportunities to private and public capital, by facilitating access to investors and strengthening
Ecopetrol’s role as operator, thus maintaining self-sufficiency and generating excess production
ANH is also investing its own resources in the acquisition of geological and geophysical information both in mature and frontier basins in order to:Provide technical assessment in Colombian basins.Present new areas as part of the exploration portfolio.Grow confidence.Test concepts.Identify new exploration concepts.