The introduction of ANH and de-escalation in the conflict with FARC should have kickstarted exploration, but concerns on the licencing process has been a significant headwind.
April 19, 2021
Americas - South
The LLB is situated entirely on the South American Plate, bordering the North Andean Block or North Andean microplate in the west. The northern boundary of the Llanos Basin is formed by the Colombia-Venezuela border where the basin grades into the Barinas-Apure Basin on the Venezuelan side. The Catatumbo Basin, representing the Colombian portion of the larger Maracaibo Basin borders the Llanos Basin in the northwest and the western boundary is formed by the foothills (Piedemonte) of the Eastern Cordillera Basin, the sedimentary basin covering the Eastern Ranges of the Colombian Andes.
The LLB is the main petroleum producing basin of Colombia, with two of the most significant fields in recent times, namely the Rubiales, and Caño Limón on the border with Venezuela. Despite historic exploration successes, but is still considered underexplored from a modern-day perspective.
Source: ESRI, BGS, USGS & OGA data
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