The deal is an inaugural application of a new framework to encourage exploitation of resources in reserves such as shales, enabling players to pursue special "additional" contracts to pursue those targets.
The agreement covers development on the VMM-3 block in the departments of Cesar and Santander, according to the National Hydrocarbons Agency (ANH).
ConocoPhillips, which has been in discussion with the government following initial tests, will be operator on the project with an 80% share.
