Colombia has signed exploration and production (E&P) contracts with Anadarko company, which is a subsidiary of Occidental Petroleum Corporation for four off-shore blocks at the Caribbean coast with expected investments worth $1.4 billion, Reuters reported.

According to the agreement, Anadarko will wholly own the four blocks.  Colombia enjoys eight years of gas reserves and the new blocks will enable the country to ensure self-sufficiency.

“The four contracts make up a third node for exploratory activity which, added to the two existing areas being developed in the maritime areas of La Guajira and Uraba, completes the panorama of potential of the entire Caribbean coast,” said ANH President Armando Zamora.

With these four contacts signed, Colombia’s current administration have finalized 39 contacts in total.

Commenting on this, Minister of Mines and Energy Diego Mesa, “This is a very important milestone. This confirms that Colombia’s hydrocarbons sector continues to very attractive to direct foreign investment.”