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Colombia Overview

Colombia

in figures

Oil Reserves1.7 billion barrels

Oil Production851,000 bopd

Gas Reserves100 bcm

Gas Production10.1 bcm

Colombia: Oil and Gas Industry Reactivation

Colombia produced 851,000 bopd in 2018 while resurgent exploration and production activity saw new discoveries .

In 2003, Colombia reached a low point in its energy history when it started to import crude oil. In response the government took several measures. The National Hydrocarbons Agency was created, taking over the regulation and administration of local hydrocarbons resources from national oil company Ecopetrol. The agency’s actions, such as the international bidding round of 2012, attracted new oil and gas companies to the Latin American country.

The strong resurgence of production raised concerns about the lifetime of existing reserves and the oil exploration has been made the top priority. Exploratory drilling continued throughout 2018, leading to several recent discoveries by companies including by ONGC Videsh, Amerisur, Ecopetrol and Frontera Resources.

Much of Colombia’s hydrocarbons resource wealth is hidden deep offshore or in inaccessible parts of the hinterland. Because the country lacks developed oil and gas infrastructure, investment in hydrocarbons transportation is needed. Colombian pipelines are congested, and the Ministry of Mines and Energy is developing incentives for the construction of new oil pipelines. Additionally, several midstream projects are also under way.

Colombia has a refining capacity of 421,000 bpd, shared between five refineries owned by Ecopetrol. The country’s two largest refineries are the Cartagena Refinery, whose capacity was increased from 80,000 bpd to 165,000 bpd in November 2015, and the 250,000-bpd Barrancabermeja Refinery. In 2017, the country’s refinery throughput reached only 354,000 bpd, which was still a 4.5% increase over 2016. Meanwhile, oil consumption stood at 344,000 bpd, up 1.5% over 2016. Colombia is a net exporter of crude, but must import certain refined fuels, including diesel.

Interview
Colombia - May 02, 2019

Colombian President Iván Duque talks to TOGY about the priorities of the new administration regarding the country’s…

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Colombia Vice-minister Diego Mesa
Interview
Colombia - April 11, 2019

Diego Mesa, Colombia’s vice-minister of energy, talks to TOGY about the ministry’s priorities in 2019, the work being done…

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E&P heavyweights team up offshore Colombia
NEWS
Colombia - April 04, 2019

Colombia’s National Hydrocarbons Agency has granted licences for two offshore blocks that will together see more than USD 700…

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Parex to join Ecopetrol in Colombian fields
NEWS
Colombia - April 02, 2019

Canadian E&P company Parex Resources will enter three of NOC Ecopetrol’s fields in northeastern Colombia, international…

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Colombia Oil and Gas Licence Areas 2019

Colombia maps

Colombia Oil and Gas Licence Areas 2019

ALL MAPS
Shell sells offshore stakes in Colombia to Noble
NEWS
Colombia - March 27, 2019

Super-major Shell has farmed out two 40% stakes in Colombia’s offshore COL-3 and GUA OFF-3 blocks to Noble Energy,…

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Shell signs offshore E&P contracts in Colombia
NEWS
Colombia - March 12, 2019

Super-major Shell has signed contracts to enter two offshore E&P blocks in Colombia’s Caribbean Sea, the country’s…

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Federico Echevarria of AES Colombia
Interview
Colombia - March 05, 2019

Federico Echavarria, the general manager of AES Colombia, talks to TOGY about how renewables will reduce energy costs, how Colombia’s people are becoming more…

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Hector Martinez of Willis Towers Watson
Interview
Colombia - February 21, 2019

Hector Martínez, CEO of Willis Towers Watson, talks to TOGY about the changing dynamics of the international and local insurance sectors, the challenges that investors…

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