Energy Focus: Colombia Series (1 of 3)
Despite Colombia facing challenges growing oil & gas reserves on a national level, the country’s independent operators are scaling up. Relative to the size of national oil & gas reserves, Colombia's onshore discoveries in recent years may look marginal at best. However, the size of the discoveries can be meaningful for smaller operators. This report focuses on the strategies of these smaller operators and is the first in a three-part series on oil & gas in Colombia. Foreign-owned independent oil & gas operators have been stepping up to new opportunities in Colombia’s onshore areas. In the most recent oil licensing round in 2021, foreign independent operators netted 25 of the 30 onshore blocks that were awarded. Now in 2024, independent operators in Colombia are guiding for growth following several discoveries. In Figure 2, we summarize 2024 management guidance for each of nine listed upstream operators in Colombia. The companies plan to expand drilling campaigns, grow oil & gas production, and secure higher natural gas prices with newly signed take-or-pay contracts. Meanwhile, Colombia’s national oil company Ecopetrol and its foreign partners are finding larger-scale opportunities in the country’s offshore areas. The Southern Caribbean offshore Colombia is in the early phases of exploration and has so far produced five wildcat natural gas discoveries in deep water and ultra deep water. Our second and third reports in our Colombia series are forthcoming. In the reports, we will discuss Colombia’s oil & gas fiscal regime, prospects for reserves replacement, the country’s decarbonization plans, and potential implications for the oil & gas sector. To access more WTR natural resource-related reports, please use the link in our full report.
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