The Colombian oil sector faced tough times due to low oil prices and social conflict, but the industry managed to overcome this challenges and it is recovering lost ground. The Ministry of Mines and Energy (MinMinas) and the National Hydrocarbons Agency (ANH) reported Colombia oil reserves in 2017, with positive results.
Representatives of the sector discussed the opportunities in natural gas, unconventional resources, offshore projects and Enhanced Oil Recovery (EOR) at a forum organized by the business paper La Republica.
Government and industry representatives attended the “100 years of oil in Colombia” forum, organized by La República newspaper. They gave their perspective on what the year looks like for the industry.
Colombia has few years of oil reserves remaining and concerns about loss of self-sufficiency have increased in recently. However, the country has several regions with great potential. The Llanos Orientales is one of them.
The Coveñas Caño Limón (CCL) pipeline continues to be the main target of terrorist acts by illegal groups, especially the ELN. Ecopetrol (NYSE: ECP) reported problems to transport oil in this important asset in Arauca.
German Arce, MinMinas, participated in the International Congress of Renewable Energies, organized by the World Energy Council Colombia and the Association of Renewable Energies (SER). He talked about the energy matrix of Colombia and natural phenomena that affect the costs in the system.
Frontera Energy (TSX: FEC) announced its financial and operating results for the quarter and year ended 2017. The company reported good results in the last quarter of 2017, closing the year with strong financial performance.