the american company ExxonMobil will withdraw from a joint exploration contract with Patriot Energy Oil and Gas Inc. in the basin of the Middle Magdalena Valley.
This was reported by Sintana Energy, which stated in a statement that “ExxonMobil sent Patriot Energy Oil and Gas Inc. (“Patriot”)” a “notification indicating that, based on the terms of the joint operation agreement between ExxonMobil and Patriot, had decided to retire” from it as of May 31, 2023.
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“The notification also establishes that ExxonMobil will withdraw from the contract with the National Hydrocarbons Agency, effective after obtaining the required government approvals,” the information added.
Both the JOA (joint operation) and the contract pertain to the 17,465-hectare property known as “block VMM-37”, which is located in the Valle Medio del Magdalena basin in Colombia.
“We are disappointed that our partner in VMM-37 for more than a decade, ExxonMobil, has voluntarily decided to withdraw from both the joint operating agreement like the contract. Management has retained legal and technical advisors to help address this unexpected turn of events,” Sintana Energy CEO Doug Manner said.
The production, investments and exports of Colombian hydrocarbons may decrease this year due to the uncertainty surrounding the sector, the Colombian Chamber of Oil, Gas and Energy Goods and Services (Campetrol) warned last March.
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The environmental policy of the Colombian president, Gustavo Petro, defends a decarbonization of the economy to face the climate crisis and, for this purpose, the brake on oil exploration and exploitation in the country has been proposed.