Among The Winners in Colombian Oil Bigging: Shell And Ecopetrol

Colombia awarded new oil and natural gas blocks today as the fastest-growing major oil producer in Latin America looks to commence offshore exploration and join the global shale boom.

Highlights of market news:

– Colombia is looking to raise output above 1 million barrels a day by expanding in areas once dominated by guerrilla groups

–  Ecopetrol will operate three of the five so-called unconventional blocks alone and partner with Exxon Mobil in the other two

– Colombia’s oil production jumped 72 percent since 2007

Click here to read full Bloomberg article.