Minister: Colombia Self-Sufficient Thru 2014

Colombia will be able to supply itself with oil through 2014, three years longer than previously forecast, mining and energy minister Hernan Martinez Torres said.

The country extended its oil self-sufficiency from 2011 by increasing proven reserves 9%. Production averaged 527,000b/d in 2006 and 520,800b/d in the first half of 2007.

Torres published the forecast as part of a report on 10 accomplishments in 2007 and 10 goals for coming years in Colombia's oil, natural gas, power and mining sectors, according to a ministry statement.

ACCOMPLISHMENTS

Colombia signed 34 new E&P contracts between August 2006 and July 2007. During 2006, 56 exploratory wells were drilled and 49 have been to date in 2007. Over 23,000km of new 2D seismic data have been acquired since August 2006.

More than 290,000 new users of natural gas were added between August and June 2007 and daily natural gas production during 2006 stood at 19.8Mm3/d. Over 200,000 cars in the country now run on natural gas.

Funds resulting from the sale of shares in natural gas distributor Ecogas to Bogota-based power company EEB were invested in infrastructure around the country and in the reduction of public debt.

The first biofuel production plants began operations and 16 departments now blend gasoline with 10% ethanol.

GOALS

The ministry will continue supporting E&P oil activities and aims to have 160 wells drilled in the coming year with 32,000km of new 2D seismic acquired.

The ministry aims to assure the supply of natural gas by promoting E&P and investing in infrastructure.

The ministry aims to increase market capitalization for state oil company Ecopetrol, which will permit the company to expand E&P activities as well as modernize its facilities.

The country wants to convert another 160,000 cars to natural gas by 2010.

The ministry wants biodiesel distribution to begin by September 2007 on the Atlantic coast and by March 2008 in the rest of the country. In 10 years, the ministry wants to put another 3Mha of land into production for ethanol and biodiesel.

The ministry aims to obtain 100,000km2 of new geo-physical data.

Visit BNamericas to access our real-time news reports, 10-year archive, Fact File company database, and latest research reports. Click here for a Free two week trial to our Latin America Oil & Gas information service.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


Brent Crude Oil : $54.94/BBL 0.88%
Light Crude Oil : $51.79/BBL 0.21%
Natural Gas : $3.65/MMBtu 6.10%
Updated in last 24 hours