Planned investment in Colombian oil exploration exceeded $2.6 million with 55 oil contracts signed so far this year, according to newspaper El Espectador.
Mines and energy minister Federico Renjifo said that the 2012 figures sought to principally increase the oil reserves of the country.
The minister went on to explain that the contracts are seeking both medium and long term exploratory activity and should bear results by 2014.
Colombia has reportedly added around three billion barrels in oil reserves over the last seven years and already holds around 2.3 billion barrels in reserves, with hopes that exploration expansion will only further increase this level.
In relation to The Hague ruling that gave chunks of maritime territory around San Andres to Nicaragua, Renjifo said that the government is evaluating the decision and therefore could not say if he thought exploration in this territory, where apparently seismic work has previously been carried out, would be possible.
The oil blocks were reportedly awarded to 27 small and large companies with at least eight new multinational countries breaking into Colombia's oil scene, among them exploration giant Andarko