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The Norwegian state-owned oil company has high expectations for the South American country.
Falling breakevens, access to new acreage and sizeable reserves are keeping Latin America front and center.
The government will launch round three for bids even though there has never been a discovery offshore Uruguay.
The Colombian government expects offshore discoveries to triple gas reserves.
Mexico makes history with its first deepwater contracts with private operators, including BHP Billton, Chevron and Inpex. What does it mean for exploration on the Mexican side of the Gulf of Mexico?
The price would be far less than the $2.45 billion that Sinopec paid in 2010 to buy the Argentine assets from U.S.-based Occidental Petroleum.
Mexico will announce later this week the bid terms and blocks up for grabs in its next deepwater oil tender, which may include the first areas from the Cordilleras Mexicanas Basin.
Vista Oil & Gas intends to purchase energy E&P assets in Mexico, Colombia, Argentina and Brazil within two years of its listing on the Mexico stock market, tentatively planned for a month from now.
The country’s first auction of 2017 will offer onshore areas. The government will also auction post-salt and presalt areas.
The divestment is part of Centrica's drive to focus its oil and gas E&P activity on Britain, the Netherlands and Norway, Reuters reported.
Anadarko, the operator, said the well hit 79 m to 110 m (260 ft to 360 ft) net of natural gas pay.
Range announced that hydrocarbon sands and oil shows were encountered at the Upper Cruse channel sand complex during drilling of the well, with electric log interpretation confirming the presence of recoverable hydrocarbons with an estimated net pay of 48 ft.
The Kronos-1 well, jointly owned with Anadarko, discovered hydrocarbons at 3,720m at the well in the Fuerte Sur Block, Reuters said. Colombia is Latin America’s fourth-biggest oil producer.
The Petrobras Orca–1 exploratory well (Tayrona Block) has revealed a natural gas accumulation in Colombian Caribbean deepwater.