The Oil & Gas Year Colombia 2013
In 2012, Colombia produced more than 1 million barrels of oil per day, a rate that suggests its oil reserves will last less than seven years. Exploration is therefore the top priority. Through exclusive interviews and insightful analysis, The Oil & Gas Year Colombia 2013 reviews a revitalised industry poised to tap into potentially vast unconventional and offshore reservoirs beyond the already developed Llanos and Magdalena Basins.
INTERVIEWS: Colombia’s minister of mines and energy, Frederico Renjifo, speaks to TOGY in one of several interviews with industry leaders. He explains how his ministry has undertaken work to ensure the continued growth of production and the even distribution of benefits to all Colombians after the country reached its oil production goal of 1 million barrels of oil per day in 2012.
The Oil & Gas Year Colombia 2013’s Man of the Year, Ecopetrol President Javier G. Guitérrez Pemberthy discusses Ecopetrol’s expanding domestic and international role. Gutiérrez has led the national oil company since 2007 and shepherded its production from 386,000 to 754,000 barrels of oil equivalent per day. Prior to his current post, Guitérrez spent 27 years at Colombian electric company Interconexión Eléctrica.
ANALYSIS: Colombia’s domestic security situation has become calmer in recent years, and oil production has soared with increased exploration and production from heavy oilfields. Yet the downstream sector in Colombia still faces many challenges. Transport infrastructure is lacking, and maintaining security is proving more difficult than some had hoped.
MARKETS: Thanks to the modernisation projects of the Cartagena and Barrancabermeja refineries, Colombia looks to export refined products while simultaneously sustaining domestic consumption until 2020.
In the process of ratifying a new free trade agreement with the EU that could double trade by 2021, Colombia is increasingly developing a reputation as an investment-friendly country, experiencing an influx of companies active in the oil and gas industry over the past decade.
For the whole story read The Oil & Gas Year Colombia 2013.