Shell, Repsol Win Big at Colombian Auction

Bloomberg reported that Royal Dutch Shell plc (LSE:RDSA) and Repsol SA (OTC Pink:REPYY) both made winning bids at Colombia’s latest auction of oil and gas exploration blocks.

As quoted in the market news:

South America’s third-largest oil supplier is also granting licenses to state-controlled Ecopetrol SA, Gran Tierra Energy Inc. and other producers after offering 115 blocks, according to preliminary results on the National Hydrocarbons Agency’s website. The blocks offered today include more than two dozen areas holding oil and natural gas trapped in shale rock. The final list of companies awarded blocks will be published next month.

Shell outbid companies including Ecopetrol (ECOPETL) to garner an exploratory block in the Caribbean off Colombia’s northern coast. Ecopetrol submitted the top bid for areas including a shale-rock block in an eastern province near the Venezuelan border.

Click here to read the full Bloomberg report.