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November 22, 2021

Colombia targets 3Bboe increase in oil reserves over the next 20 years

By 2040, the country plans to award 200 blocks to potential firms, and drill 800 wells.

By Archana Rani

Colombia is reportedly planning to add three billion barrels of oil equivalent (Bboe) to its hydrocarbon reserves by 2040.

These additional reserves would guarantee energy self-sufficiency in the country, according to Colombia’s National Hydrocarbons Agency (ANH) president Armando Zamora.

During the virtual forum hosted by the Colombian Petroleum Association (ACP), Zamora said: “We hope to strongly replace the current reserves by more or less 150%, which would add three billion barrels in the next 20 years.”

According to the Colombian Ministry of Mines and Energy, the country’s oil production is estimated to average nearly 770,000 barrels per day during this year.

Colombia is planning to award 200 blocks and drill 800 wells in the next 20 years, as part of Plan 2040, which aims to increase national oil and gas reserves.

Zamora said that the new production target comes amid the ‘new reality’ faced by the oil and gas industry, following the outbreak of the Covid-19 pandemic.

Zamora added: “This is what we want now, given the new reality, given the new conditions, given the new knowledge we have, to launch that plan so that by 2040 we can maintain self-sufficiency and are able to develop other scenarios.”

In August 2021, Ecopetrol signed an inter-administrative share purchase agreement to acquire the Colombian Government’s 51.4% stake in state-owned company Interconexión Eléctrica (ISA) for $3.58bn (COP14.2t).

The deal has been signed with the Colombian Ministry of Finance and Public Credit (MHCP).

Through 51 affiliates and subsidiaries, ISA operates in the energy, road, and telecommunication sectors.

It has branches in Chile, Peru, Colombia, Brazil, Bolivia, Argentina and Central America.

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