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Exploration potential and opportunities in Colombia

Learn about the new business environment in Colombia, perspectives on new reserves, and the oil and gas opportunities in the country. Explore the 2007 Caribbean bidding round and the heavy oil selection process.

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Exploration potential and opportunities in Colombia

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  1. Exploration potential and opportunities in Colombia APPEX London 2007 • AAPG International Prospect & Property Expo London, March 20-22, 2007

  2. Agenda • Colombia: a new business environment • Perspectives on new reserves • Oil & Gas opportunities in Colombia • 2007 Caribbean bidding round • Heavy oil selection process

  3. I. Colombia: a new business environment

  4. Production and reserves recover 1. Reserves and production Reserves (million barrels) Average Production (million barrels per day Estimado Preliminar - ANH ANH - Preliminary estimate Source: Ecopetrol, ANH Crude Reserves Crude Production

  5. To encourage investment in exploration and production: The ANH promotes exploration investment… • Attractive fiscal terms • Geological studies in frontier areas • Bid rounds …while Ecopetrol plays an effective operating role • Direct exploration • Improving recovery in mature fields • Development of heavy crudes • Internationalisation

  6. Industry perceptions show strengths Prospectivity 5 4 3 Personal safety Fiscal terms 2 1 0 Legal security Political stability Expected Colombia Macroeconomic stability Source: Arthur D. Little, 2005

  7. II. Perspectives on new reserves

  8. Under alternative crude production scenarios, self-sufficiency would extend until… Crude production scenarios (000b/d) 1.000 Abundance 900 800 700 Base - crude 600 500 Base - gas 400 Current Reserves 300 Scarcity Demand 200 (Pre-2007) 100 2014 2019 2011 2006 2007 2008 2009 2010 2011 2012 2013 2015 2016 2017 2018 2020 Source: Arthur D. Little 2006

  9. III. Oil & Gas opportunities in Colombia

  10. Exploration activity has increased considerably E&P Areas in 2003 March 2007

  11. Early exploration in frontier areas for competitive processes … Cayos Caribe Offshore Cesar-Ranchería Sinú-San Jacinto Cordillera Oriental Pacific Offshore Llanos – heavy oil belt Chocó Cauca-Patía

  12. IV. 2007 Caribbean bidding round

  13. A number of bid rounds are being prepared (tentative years) Caribbean 2007 Cesar Ranchería 2008 2008-9 Soápaga 2008 Chocó 2009-10 Heavy oil belt

  14. A new scheme of simple rounds for smaller areas is being introduced in 2007

  15. A new hub in the Caribbean offshore scene…

  16. Selected areas for Caribbean bidding round 2007 No. of basic blocks: 37 Area per full block: 138,000Ha Total Area: 3,817,000Ha Depth: Up to 2,000 mts

  17. Available Data US$ 23.200. Access to Basic information Complete data packages will be handed out to companies registering in the Round

  18. Speculative Seismic Date: 2004 GXT Commencement date: Oct 2006 CGG Americas Inc.

  19. Proposed schedule (to be confirmed)

  20. TAYRONA Caribbean Sea BARRANQUILLA GUAJIRA FUERTE NORTE CARTAGENA FUERTE SUR VENEZUELA Activity in the area

  21. Activity in the Area Guajira Production start date: Dec/74 Companies: Chevron, Ecopetrol Fields: Chuchupa - Ballenas Production: 421 MPCD (2006) Commercial Reserves: 1,96 TPC (Dec. 2005)

  22. Activity in the Area • Tayrona (1st ANH Contract) • Companies: Petrobras (40%), ExxonMobil (40%) and Ecopetrol (20%) • Area: 2,215,369 Ha • Start date: Aug. 13, 2004 • Activity performed: • Acq. 1,100 km2 3D Seismic • Rep. 5,555 km 2D Seismic • Electromagnetic probing (R3M) 432 km • Ongoing activity: • Acq. 3467 km2 3D Seismic (Progress 56%) • Stage 2 is ongoing: Ends Feb/08

  23. Activity in the Area • Fuerte Norte y Sur • Companies: BHP Billiton (75%), Ecopetrol (25%) • Area: 480,500 and 473,490 Ha • Start date: Apr. 7, 2006 • Activity performed: • Bathymetry: 2,376 km • Heat flow: 20 points • Ongoing activity: • Piston core: 133 samples (68% progress) • Acq. 5980 km seismic 2D (50% progress) • Stage 1 is ongoing: Ends Oct./07

  24. V. Selection process for heavy oil development

  25. Llanos basin and southwest heavy oil zone South-West heavy oil zone

  26. Preliminary block map of southwest heavy oil zone GENERAL SCOPE AREA AND DATA Basin Area: 220,000 Km2 Southwest Side Basin Area: 84,600Km2 Wells: 1360 (all basin) 2D Seismic Data: Over 87000 Km (all basin) Heavy Oil Producing Fields: 19 (all basin) Principal fields: Castilla 109 MMBO Rubiales 45.5MMBO Proven Developed Reserves: 178.5 MMBO Proven Not Developed Reserves: 236 MMBO Probable Reserves: 428 MMBO Estimated OOIP: 2000-8000 MMBO (all basin) Petroleum System: Gachetá Cretáceo-Terciario. Generated the 98% of Hydrocarbons in the Llanos Basin.

  27. Investor selection process A different selection approach is being proposed: Estimated dates(*) • Invitation announcement for • expressions of interest May 2007 • 2. Due date for EoIs and short list July • 3. Reception of integrated exploration and • development proposals September • 4. Direct negotiations and selection by panel • of experts October - November (*) Preliminary, subject to change

  28. III Colombia Oil & Gas Conference, February 2008

  29. Thank you! www.anh.gov.co director.general@anh.gov.co

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