Canacol Energy

Canacol Energy is the largest independent onshore conventional natural gas exploration and production company in Colombia, supplying approximately 20% of the country’s gas needs, and more than 50% of demand along the country’s Caribbean coast.

Canacol operates over 1.5 million net acres in 14 exploration and production contracts in Colombia, with 11 of these contracts focused on exploring for and developing natural gas. These contracts are located in the Lower and Middle Magdalena basins. The company’s proven, probable (2P) gas reserves have been assessed at 17.2 bcm (607 bcf). In addition, 178 identified future exploration and development drilling prospects and leads have been assessed to contain 580.5 mcm (20.5 tcf) of gross mean unrisked prospective natural gas resources.

The company holds interests in three legacy non-core and oil-focused contracts in Colombia acquired before 2012, including the mature producing Rancho Hermoso field in the Llanos Basin southeast of Bogota, and the VMM-2 and VMM-3 unconventional oil E&P contracts in the Middle Magdalena Basin. The Rancho Hermoso field is operated under direct contract with state oil company Ecopetrol, due to the field’s discovery before the establishment of Colombia’s National Hydrocarbons Agency in 2003.

Between 2012 and 2024 the company’s output grew at a CAGR of 27% to reach approximately 5 mcm (177 mcf) per day and, as of end-2023, Canacol has had gas exploration success rate of approximately 80%.

Company website: www.canacolenergy.com