MinMinas recently released the country’s reserve estimates for crude oil and natural gas for YE2013. The biggest questions are around sustainability for gas.
The departments of Arauca, Norte de Santander and Putumayo have felt the brunt of guerrilla attacks in 2014. As of April 28th, there have been 39 attacks on those departments, while Casanare and Meta face the greatest effect of social conflicts.
Gran Tierra Energy (TSX:GTE) kept its production in Colombia and other markets in South America relatively flat in the first quarter 2014 compared to last year despite pipeline complications and a dependence on trucks. The average realized price took a hit though, and both revenues and profits for the firm slipped.
Ecopetrol has started this year’s process to hire ground transportation, in Meta the governor says a special route will be designated for tankers and Huila-Putumayo leaders met to discuss transportation issues. Meanwhile a number of accidents and spills caused delays in Casanare and made headlines.
The use of oil, gas and minerals finder technology (OFT) which harnesses satellite imagery to identify mineral content has been in Colombia for around three years, but technology suppliers say that it is only recently gaining interest for exploration.
In order for Colombia to achieve self- sufficiency for its own oil supply, an important and dramatic discovery of reserves must happen this decade, otherwise keeping along current trends the reserves logged would not supply the country past 2018, according to a government report.
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