Through the acquisition of interests from LG International (LGI), South America-focused E&P player GeoPark has become the 100% owner of its Colombian and Chilean…
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 MOREBased on Brent crude barrel prices of USD 55-65, Ecopetrol has set its 2019 budget at USD 3.5 billion-4 billion, 92% of which will be spent in Colombia, the NOC said in…
READ MOREE&P player Amerisur Resources has farmed out 50% participating stakes in four blocks to the US’ Occidental Petroleum, the South America-focused company announced…
READ MOREColombian NOC Ecopetrol has started cleanup efforts following the bombing of the Caño Limón pipeline, which caused oil to be spilled into the Róyota and Arauca…
READ MOREEcopetrol’s Caño Limón pipeline has suffered four bombings since Friday in the departments of Boyacá, Arauca and Norte de Santander, causing water contamination…
READ MOREColombian NOC Ecopetrol has launched clean-up efforts following the bombing of its Caño Limón pipeline for the 77th time this year, local media reported Thursday.…
READ MOREIndependent E&P player GeoPark plans to invest USD 85 million-95 million in Colombia over the next year as part of its 2019 work programme, the company said in a press…
READ MOREColombian NOC Ecopetrol has applied for an environmental licence that would allow it to begin hydraulic fracturing tests in the country’s Middle Magdalena Basin,…
READ MOREColombian NOC Ecopetrol has implemented a contingency plan to manage an oil spill in the Boyacá department resulting from the bombing of its Caño Limón pipeline,…
READ MOREAn evacuation pipeline belonging to Canadian E&P company Gran Tierra was attacked by unidentified persons in the southern department of Putumayo on Friday, local media…
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