The Colombian government has set an ambitious goal of reaching a daily oil production of one million barrels, urging oil companies to ramp up activities in exploration areas that have been underutilized.
Recently, the Ministry published gas production forecasts on a steep downslope. We do not entirely trust MinEnergia, since the president wants to justify importing gas from Venezuela so we looked at the data. The story is not good although maybe not as bad as the government wants us to believe.
Colombia boasts 342 oil fields contributing to its monitored oil production, as reported by the Colombian Petroleum and Gas Association (ACP).
The Colombian Chamber of Goods and Services (Campetrol) reported rig information for May 2024.
Despite recent statements by Finance Minister Ricardo Bonilla (MinHacienda), Colombia’s oil production is projected to fall short of the 1,000mbd mark.
The National Hydrocarbons Agency (ANH) published the oil production for April in Colombia.
The Colombian Chamber of Goods and Services (Campetrol) reported rig information for April 2024.
In alignment with the policies of President Gustavo Petro’s administration, fracking projects in Colombia are no longer a focus. However, Ecopetrol (NYSE: EC) is exploring alternative methods to increase its oil and gas production and reserves.
The aspiration to elevate Colombia’s oil production to 1,00mbd, as recently reiterated by the Minister of Finance (MinHacienda), Ricardo Bonilla, has been a focal point of government strategy.
The International Energy Agency (IEA) published its latest sector analysis and forecast as of May 2024.
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