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Ecopetrol (NYSE:EC) and Anadarko (NYSE:APC) have announced a hydrocarbons discovery at their Caribbean offshore exploratory well Kronos-1, a development which has the government hailing that its offshore strategy is working while other industry members urge caution as the fruits of the find are still years to come.

Offshore is an important frontier for the Colombian industry, but the high costs and long time before a successful find sees commercial production weaken its value for the country and industry, so more incentives for onshore exploration are needed, say experts and industry players.

We recently looked at analysis from the Colombian Chamber of Oil Goods and Services (Campetrol) on exploratory wells, which showed the strong impact of the price crisis. For seismic exploration, the picture is even worse.

Colombia’s Chamber of Oil Goods and Services (Campetrol) compiled a historical and graphical analysis of the pace of exploration wells since the entry of the National Hydrocarbons Agency (ANH), which paints a dismal picture of a crisis which is far worse than that of 2009.

Ecopetrol (NYSE:EC) has offered more details on its new exploration strategy through 2030, which looks to reestablish its exploratory success and replace its shrinking supply of reserves.

Missing hard drives with confidential data on offshore blocks and questions about potentially falsified contract guarantees have hit the National Hydrocarbons Agency (ANH), in what is turning into a true mystery drama playing out in local press headlines.

Unconventional production might be a solid pillar of the government’s strategy to grow reserves, despite reservations from environmentalists. But fracking’s biggest opposition comes from the low price of oil.

Referenced as a key benchmark looking forward to keep Colombia’s reserves fresh, the number of exploratory wells drilled in 2015 is down 83.3% compared to the previous year.

Ecopetrol (NYSE:EC), Petrobras (NYSE:PBR) and Repsol (MSE:REP:MC) are advancing in offshore exploration along the La Guajira coast and the former Minister of Mines and Energy Amylkar Acosta believes that there could be announcements of oil and gas discoveries in the coming months.

A study from Wood Mackenzie found that Colombia was home to four of the largest oil discoveries in Latin America during 2014, including the largest one, which was Petrobras’ (NYSE:PBR) Orca, with 264mmboe.