Joaquín Gutiérrez Caballero, who takes over as Ecopetrol president on September 28, opened with a warning that Colombia has reserves of just 7.4 years of oil and 5.9 years of gas, figures he called “paltry”.
Colombia faces a growing natural gas deficit if the projected decline in domestic output continues, and a regasification terminal in La Guajira is central to closing it.
Colombia’s government projects royalties income of CoP$27.54T for 2027-2028, 11% below the CoP$30.96T of the current biennium.
Colombia had 114 active rigs in August, up 1.8% (two rigs) and level with July.
Colombia’s National Hydrocarbons Agency (ANH) is moving to add nearly 20 million hectares of new areas for oil and gas exploration, a sharp reversal of the restrictions of the Petro years.
Interior Minister Rodrigo Lara has presented a plan to speed up Colombia’s prior consultation process, the community consultations required before many energy, mining, and infrastructure projects can proceed.
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