The Colombian oil sector has faced some tough years, leading to few exploration projects and a reduction in production and reserves. However, the industry is showing a recovery in key metrics and this behavior is increasing expectations and perspectives.
Industry leaders and academics talked about fracking and seismic at the second “Colombia and the World of Fracking” workshop organized by the Society of Petroleum Engineers (SPE) in Bogotá.
During the coming weeks, the Government hopes to confirm the existence of new oil areasthat will put Colombia in a new stage in the offshore industry.
The president of the Colombian Association of Petroleum Engineers (Acipet), Julio Cesar Vera, spoke about the situation of the industry, not only in Colombia but in the world.
The Colombian oil sector was able to overcome the oil crisis, but there is still uncertainty about low oil reserves. Germán Espinosa, President of the Colombian Chamber of Goods and Services (Campetrol) spoke about this topic.
New Canadian / Colombian / Argentine oil and gas company Pentanova (TSXV:PNO) is getting attention these days. For one thing, any new company coming to Colombia will get interest. For another, the players involved are veterans of the Colombian industry.
Minister of Mines and Energy (MinMinas) Germán Arce, said that offshore investments in the country exceed US$700M.
Colombia needs to guarantee its self-sufficiency for the long term, and the country is analyzing different alternatives to achieve it. Fracking is one of the options, but the most controversial. The government might have made a decision on this issue.
One of the main concerns in relation to the industry is the fact that according to the National Hydrocarbons Agency (ANH), the country’s reserves will only be enough for five or six years.
During the closing ceremony of the Colombian Petroleum Association’s (ACP) third annual congress, its president Francisco Lloreda, spoke about the situation of the industry.
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