The National Hydrocarbons Agency (ANH) president Mauricio de la Mora outlined the entity’s goals in a meeting with the business sector and said that it expects 28 to 32 exploratory wells this year.
While Caribbean offshore blocks have received attention and been the site of recent discoveries, Pacific blocks have failed to gain the same interest and results. Now the National Hydrocarbons Agency (ANH) is looking to hold a competitive process in 2016 to find operators.
ONGC Videsh (OVL), the subsidiary for foreign investments of Indian NOC ONGC, is executing an investment of more than US$72M in a first phase of exploration in three offshore blocks in the Colombian Caribbean.
A regional military publication profiled the Colombian armed forces troops assigned the task of protecting the nation’s pipelines from guerrilla attacks, and detailed some of the collaboration with other government agencies on the environmental cost.
The Baker Hughes US rig count is more than ten times higher than the Colombian count so we indexed the month-end counts to see trajectories and measure speed of reaction to the dramatic decline in crude oil prices since last June 2014.
The president of the Colombian Chamber of Oil Goods & Services (Campetrol), Rubén Darío LIzarralde warns that “he who does not explore, does not produce”, citing a 19% drop in exploration investments among the eight largest operators in 2015.
Despite consistent reports on the sharp drop in exploration activities in Colombia, the president and CEO of GE’s (NYSE:GE) oil & gas division for Latin America, Patricia Vega, says the industry remains more active here than in other producing countries in the region.
Considering the recent findings in 2015 of Kronos-1 and Orca-1, last year, there are great expectations for offshore production, but the president of Schlumberger Surenco, Mauricio Vargas said that seeing production from offshore will take time.
The fall in oil prices has caused a rethinking of budgets and projects, cutting into the potential for unconventional resources but not stopping any programs completely.
Considering a fall of 70% and 80% in seismic work and exploratory wells and declining mature fields, Colombia’s daily production could fall as low as 750,000bd in just two years, says the executive director of Colombian Association of Oil Engineers (ACIPET), Carlos Leal.
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