![Parex to join Ecopetrol in Colombian fields](https://d3jmgibn6sgz2k.cloudfront.net/wp-content/uploads/2019/04/30191656/pump-jack-400x303-1-280x212.png)
Canadian E&P company Parex Resources will enter three of NOC Ecopetrol’s fields in northeastern Colombia, international media reported on Monday.
Parex will…
READ MOREOil reserves2 billion barrels
Oil production777,200 bopd
Gas reserves79.9 bcm
Gas production12.1 bcm
Colombia’s oil and gas sector is a critical part of the country’s economy, representing around 10% of GDP, 13% of FDI and 20%-40% of exports despite dwindling reserves. The country 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 restore 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 increasing 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 viable.
As new finds are developed, the country’s leadership targets investments in decarbonisation for these operations. The government also seeks to establish a diversified energy mix where clean energy will make up a 50% share by 2030. It is seeking both foreign and local investment to kick-start this new era of renewable energy production, with the region of La Guajira touted for its major wind and solar potential.
Colombia has five state-owned refineries with a current combined capacity of around 420,000 bpd. The two most important are the Cartagena Refinery and the Barrancabermeja Refinery – operated by Ecopetrol, which together represent around 96% of national capacity.
Due to the lack of developed oil and gas infrastructure, investment in hydrocarbons-related transportation is in high demand. Colombian pipelines are congested, and the State is working to ease 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.”
Frontera Energy will partner with Gasco to develop an LPG project in Colombia.
READ MOREColombia's Ecopetrol is eyeing a stake purchase in shale oil player CrownRock from Occidental Petroleum.
READ MOREFlover Rodríguez Portillo of the ACGGP talks about Colombia’s exploration potential and challenges.
READ MOREAlejandro Riveros of Chevron talks about paving the way for more sustainable fuels in Colombia.
READ MOREFederico Echavarría of AES Colombia talks about ensuring a diversified energy mix in Colombia.
READ MORECanadian E&P company Parex Resources will enter three of NOC Ecopetrol’s fields in northeastern Colombia, international media reported on Monday.
Parex will…
READ MOREJorge Neher, a partner at Dentons Cardenas & Cardenas, talks to TOGY about the need for further flexibility from National Hydrocarbons Agency (ANH), why the government…
READ MORESuper-major Shell has farmed out two 40% stakes in Colombia’s offshore COL-3 and GUA OFF-3 blocks to Noble Energy, international media reported Tuesday.
Shell…
READ MORESuper-major Shell has signed contracts to enter two offshore E&P blocks in Colombia’s Caribbean Sea, the country’s National Hydrocarbons Agency (ANH) announced…
READ MOREColombia’s state-owned Ecopetrol plans to direct USD 500 million to hydraulic fracturing projects over the next three years, international media reported…
READ MOREFederico Echavarria, the general manager of AES Colombia, talks to TOGY about how renewables will reduce energy costs, how Colombia’s people are becoming more…
READ MOREHector 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 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,…
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