Colombia’s ANH wins approval for plan to raise oil production

BOGOTá, August 1, 2024 – Colombia’s National Hydrocarbons Agency (ANH) has won approval for a new plan to raise oil production by supporting the country’s “League B” players, local media reported on Tuesday.

In Colombia, “League B” refers to small and medium-sized indigenous, local, independent and junior E&P companies that would be interested in acquiring smaller blocks with smaller production rates – for example, 1,000 bopd.

The ANH is launching a process of reassigning lower-producing oil and gas assets to these companies.

Orlando Velandia Sepúlveda, president of the ANH, told local media portal Valora Analitik that a new agreement empowering the agency to license companies to develop the nation’s smaller oil and gasfields has been approved and will be published on August 20.

“We hope that by the end of this month of August we will have all the rules of the game clear and we will begin, then, with the first processes,” Velandia was quoted as saying.

“We are working with Ecopetrol and other companies to review productive areas or fields that can be returned to us, in order to assign them with this novel mechanism known as League B.”

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