The International Energy Agency (IEA) raised the global demand for oil for the third consecutive month, projecting a global consumption increase of 1.24 million barrels per day (bpd) by 2024. As the world anticipates higher demand, some Latin American countries are strategically positioning themselves in the race for oil production.
The Colombian Chamber of Goods and Services (Campetrol) reported rig information for November 2023.
Nearly two months after the fact, the ANH finally published oil and gas production for October 2023. They could have added up the numbers by hand faster. Actually, the source of the article was Campetrol although the ANH databases are updated to October.
Before the holidays, MinHacienda Ricardo Bonilla, MinEnergia Andrés Camacho and Ecopetrol CEO Ricardo Roa went to Congress to explain to the Fifth Commission of the Lower House the deal between Ecopetrol and Venezuela’s PDVSA. The NOC leadership estimates a gas shortfall in 2024 of at least 10% meaning importing would be inevitable anyway.
Theoretically, production should be up by an additional 0.3% thanks to an extra day in February. For crude that could be another 775,000 barrels and over US$60M in additional industry revenue! This and other more useful forecasts in our annual review.
The Colombian Chamber of Goods and Services (Campetrol) reported rig information for October 2023.
Crude oil transportation represents a pivotal segment within the petroleum chain, and companies such as Cenit, Ocensa, and Oleoductos de los Llanos (ODL) play a crucial role in this market.
The National Hydrocarbons Agency (ANH) reported oil production figures for August 2023.
The last week or so was topsy-turvy for Colombian gas with Ecopetrol announcing “the presence of gas” in the Shell-operated Glaucus-1 well but Canacol announcing it had thrown-in-the-towel on its deal with EPM and the associated pipeline connecting Medellin and Jobo. The Canadian E&P simultaneously announced it was limiting its Colombian CAPEX to projects which leverage “existing transportation capacity” and focusing its future-oriented investments on Bolivia. The Canacol announcement will, no doubt, dominate the coffee and cocktail conversations at this week’s Cumbre de Petróleo, Gas y Energía in Cartagena.
The Colombian Chamber of Goods and Services (Campetrol) reported rig information for August 2023.
2025, Hydrocarbons Colombia, All Rights Reserved.
