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Colombia's Energy Industry

Colombia

in figures

Oil reserves2 billion barrels

Oil production738,000 bopd

Gas reserves100 bcm

Gas production12.6 bcm

Colombia: Oil and Gas Industry Reactivation

Colombia’s oil and gas industry is a critical part of the country’s economy, representing over 10% of national earnings and around 35% of foreign investment despite dwindling reserves. The Andean nation is Latin America’s third-largest oil producer after Brazil and Mexico, with most of its resources bound for export. The industry is overseen by the National Hydrocarbons Agency (ANH), which hands out PSCs and enforces state policies.

To recover its falling reserves, the ANH is focused on organising bid rounds and attracting interest in exploration activities. The state entity set out a roadmap that includes awarding 200 blocks and drilling 800 wells between 2021 and 2040 with the aim of improving reserves by 150% and making the nation self-sufficient in meeting its hydrocarbons demand. While much of Colombia’s oil and gas resource wealth is hidden in deep offshore regions or in previously inaccessible parts of the hinterland, modern technology and techniques have made E&P activities plausible.

Another source of opportunities lies within the country’s logistics sector. Due to the lack of developed oil and gas infrastructure, investment in hydrocarbons-related transportation is required. Colombian pipelines are congested, and the state is actively working on easing red tape to attract international partners to build new assets.

“We want to position Colombia as the main destination for investments in the energy sector in the entire region,” Colombian President Iván Duque told The Energy Year. “For this, we have important fiscal incentives for the hydrocarbons sector and for the alternative energy sector.”

Arrow Exploration spuds new well in Colombia
NEWS
Colombia - May 17, 2024

Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin.

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GeoPark signs offtake deal with Vitol in Colombia
NEWS
Colombia - May 10, 2024

Colombia-based GeoPark has signed an offtake agreement with Vitol for a minimum of 20,000 bopd.

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Canacol in new Colombia gas discovery
NEWS
Colombia - March 29, 2024

Canadian E&P company Canacol Energy has made a new gas discovery in Colombia’s Cienaga de Oro reservoir.

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Petrobras to drill two wells in Colombia’s Tayrona block
NEWS
Colombia - March 19, 2024

Brazil's Petrobras plans to drill two exploration wells in Colombia's offshore Tayrona block.

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Colombia’s Ecopetrol makes two offshore gas finds
NEWS
Colombia - February 23, 2024

Colombia's Ecopetrol has announced the discovery of two new gas deposits while working to assess the offshore Orca-1 discovery.

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Colombia enacts open renewables policy
NEWS
Colombia - January 01, 2024

Colombia has enacted legislation to foster development of renewable energy projects in local, rural and minority communities, Reuters reported on Tuesday.

Under the…

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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 to resolve the question of unconventional…

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Interview
Abu Dhabi - March 28, 2019

Jorge Neher, a partner at Dentons Cardenas & Cardenas, talks to TOGY about the need for further flexibility from National Hydrocarbons Agency (ANH), why the government…

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