In a presentation to the industry and other interested parties at the ANDI’s ‘Genera’ conference recently, the ANH showed a chart saying there was just over US$7B of investment pending from E&P and TEA contracts.
With an estimated drop of 50% in 2015, budgets for exploration activities are feeling a strong pinch from the low international oil prices, bringing long term issues for Colombia’s oil industry.
Whether talking about seismic activities, exploration drilling or overall production, 2014 failed to size up to the projections and goals that the industry and government had established for the year.
The fracking debate had been quiet for nearly 2 months with articles dwindling down to nearly zero. Now things seem to be heating up again, ahead of a National Hydrocarbons Agency forum next week.
The Minister of mines and Energy (MinMinas) Tomás González paid a visit to Yopal, Casanare and outlined the root causes of the drop in oil prices, and also talked about exploration plans to grow reserves and production.
After rising two weeks in a row, articles on fracking or unconventional hydrocarbons fell last week. Positive articles exactly balanced negative ones.
Readers will have noticed a number of articles this week and last week on fracking. We decided to keep track of the number of articles we have found and whether they are positive or negative.
The graph shows that Baker Hughes rig counts for Colombia have increased three months in a row, a welcome trend.
The era of easy discoveries of oil is over declares Colombia’s main business paper, and while offshore and unconventional resources could be the source of the next big find, they bring more challenges and needs more investment.
Texas based oil operator Anadarko (NYSE:APC) walked away with three of the five offshore blocks assigned in the Colombia Round 2014, and has caught the attention of authorities after offering the largest amount for a single block, at US$123M.
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