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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.

ExxonMobil presents fracking pilot scheme in Colombia
NEWS
Colombia - March 18, 2021

Colombia’s National Hydrocarbons Agency (ANH) received on Wednesday ExxonMobil’s proposal for a pilot unconventional project…

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Interview
Trinidad and Tobago - April 09, 2020

Eugene Tiah, executive chairman of Massy Energy and Industrial Gases, talks to The Energy Year about how the company is coping…

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Colombia reports

More reports
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 million in total investments,…

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Interview
Abu Dhabi -

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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Alejandro IBARRA, Partner of IBARRA ABOGADOS
Interview
Colombia - January 28, 2019

Alejandro 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…

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Colombia’s Transandino pipeline bombed
NEWS
Colombia - January 21, 2019

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…

READ MORE
Rose Marie SAAB FAOUR, President of INDEPENDENCE DRILLING
Interview
Colombia - January 21, 2019

Rose 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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Germán ESPINOSA, President of CAMPETROL
Interview
Colombia - January 11, 2019

Germán Espinosa, president of the Colombian Chamber of Petroleum Goods and Services (Campetrol), talks to TOGY about the outlook for the domestic oil and gas industry,…

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Canacol strikes gas in Colombia block
NEWS
- January 09, 2019

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…

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OVL, Amerisur in new Colombia discovery
NEWS
Colombia - January 07, 2019

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…

READ MORE

 

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