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…
READ MOREColombia's Energy Industry
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.”
Canadian E&P company Canacol Energy has made a new gas discovery in Colombia’s Cienaga de Oro reservoir.
READ MOREBrazil's Petrobras plans to drill two exploration wells in Colombia's offshore Tayrona block.
READ MOREColombia's Ecopetrol has announced the discovery of two new gas deposits while working to assess the offshore Orca-1 discovery.
READ MOREColombia has enacted legislation to foster development of renewable energy projects in local, rural and minority communities,…
READ MOREColombia’s state-run Ecopetrol has drilled a new exploration well on the Tayrona oil and gas block in Caribbean waters, Upstream Online reported on Thursday.
The…
READ MOREMinister of Foreign Affairs of Suriname the Honourable Albert Ramdin talks to The Energy Year about the country’s attractiveness for hydrocarbons investments,…
READ MOREA commission of experts has endorsed allowing oil and gas operators to carry out hydraulic fracturing pilots in Colombia, but with certain restrictions, local media…
READ MORENicolás Daguerre, general manager of Trafigura Colombia, talks to TOGY about why the company is focusing on smaller producers, the Magdalena River’s logistics…
READ MOREEcopetrol’s Mansoya Orito and Caño Limón-Coveñas pipelines have been attacked in Colombia’s Putumayo and Norte de Santander departments, respectively,…
READ MOREColombia’s oil and gas regulator, the National Hydrocarbons Agency (ANH), has relaunched with modified terms a previously delayed E&P tender for more than 20…
READ MOREAlejandro Ibarra, partner at Ibarra Abogados, talks to TOGY about the importance of natural gas in Colombia and how the current crisis in the electrical sector…
READ MOREColombian NOC Ecopetrol and its partner Occidental Petroleum have struck light crude in the Cosecha prospect in the Arauca department, local media reported Thursday.…
READ MOREAlberto Consuegra, president of Cenit Transporte y Logística de Hidrocarburos, talks to TOGY about several projects the company is concentrating on, how Colombia’s…
READ MOREThe Transandino pipeline was bombed over the weekend in Colombia’s Nariño department, causing an oil spill, state-owned Ecopetrol said in a statement on Sunday.…
READ MORERose Marie Saab Faour, president of Independence Drilling, talks to TOGY about the outlook for the oil and gas business in Colombia, the possibility of key reforms and…
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