The Contexts and Strategies Plan analyzes Colombia's current energy needs and production possibilities and sets various strategies to be carried out by 2025, according to an UPME statement on the report.
The document proposes the analysis of specific long-term projects including the construction of a refinery on the Pacific, the regasification of natural gas in the north and an increase in exports of value-added oil and coal-based products.
The document defines five principal objectives, then main of which is to maximize the energy sector's contribution to the sustainable development of the country.
The objectives include the following: using resources to meet national demand while preserving the energy sector's long-term sustainability; consolidating regional energy integration; increasing vertical integration in the country's energy market; developing price structures to guarantee market competitiveness; and maximizing coverage and access to energy throughout the country.
Noting Colombia's central location in the Americas, UPME aims to position the country as a major player in the region's energy trade.
"Colombia is geographically privileged in its closeness to the most important shipping lanes in the world," reads the report. "It is a bridge between North and South America and has the potential to position itself as an energy hub."
The report also notes the vast differences in reserves of oil and natural gas in the region's countries and calls for energy exporters and importers to increase trade.
Further, Colombia must sustain attractive conditions for E&P investments to permit the discovery of new reserves, according to UPME.
The UPME plan pays special attention to biofuels, which need to be developed for internal and external markets.
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