Improved Policy Measures Driving Oil And Gas Industry Growth in Colombia
Summary
Colombia’s oil and gas industry is witnessing a significant boom with crude oil output in 2009 reaching 0.67 million barrels per day (b/d), the highest since 2000. The endeavors of the Colombia Government to open the upstream sector to foreign players and attract investments through favorable fiscal terms and increased level of security in the country have succeeded in reversing the country crude oil output trend. The continued measures of the domestic government to overhaul the country’s upstream sector have provided a platform for the country to become an important player in world oil and gas industry, with oil production expected to reach 1 million b/d in 2015.
Scope
– The study discusses the Colombian oil & gas industry, with primary focus on the recently improved policy measures.
– It discusses the Colombian oil & gas market, presenting statistics on its natural gas production, number of contracts signed, and number of wildcats drilled during 2000-2009.
– It also briefs about Open Round Colombia 2010 and the working program for the blocks offered.
1 Table of Contents
1 Table of Contents 2
1.1 List of Tables 4
1.2 List of Figures 4
2 GlobalData Viewpoint 5
2.1 Summary 5
3 Improved Policy Measures Driving Oil & Gas Industry Growth in Colombia 5
3.1 Resurging Colombian Oil and Gas Industry: Improved Policy Measures Yielding Results 6
3.2 Increasing Exploration Activities and New Licensing Rounds Will Enhance Oil & Gas Production 8
3.2.1 Open Round Colombia 2010 9
3.3 Increasing Investments Will Pave Way For Colombia To Emerge As A Major Oil & Gas Player Globally 12
4 Recent Developments 13
4.1 License Rounds 13
4.1.1 Jan 28, 2010: ANH Open Round Colombia 2010 Arrives In Calgary 13
4.1.2 Dec 02, 2009: Colombia Begins Process Of Awarding Oil Exploration Rights 13
4.2 Recent Discoveries 14
4.2.1 Jan 29, 2010: Ecopetrol Discovers Hydrocarbons At Tempranillo North-1 Well In Pijao-Potrerillo Area, Colombia 14
4.2.2 Jan 25, 2010: Pacific Rubiales Energy Announces Oil Discovery At Quifa-14 Well In Quifa Block, Colombia 14
4.2.3 Dec 17, 2009: Ecopetrol Confirms Hydrocarbons Presence At Rancho Hermoso-5 Well, Colombia 14
4.2.4 Dec 07, 2009: Alange Energy Announces New Discovery At Careto-5 Well In Llanos Basin, Colombia 15
4.3 Drilling and Production Updates 16
4.3.1 Feb 01, 2010: Petrolifera Petroleum To Spud Brillante SE 1X Well In Mid-February 2010 16
4.3.2 Jan 25, 2010: Ecopetrol Updates On 2009 Proved Reserves 16
4.3.3 Jan 18, 2010: Petrodorado Spuds ME-1 Well In Los Llanos Basin, Colombia 17
4.3.4 Jan 11, 2010: Pacific Rubiales Energy Updates On Abanico Field And Quifa Block In Colombia 18
4.3.5 Jan 06, 2010: Gran Tierra Energy Updates On Dantayaco-1 Exploration Well In Colombia 19
4.3.6 Jan 04, 2010: Petrominerales Commences Production From Candelilla-1 Well In Colombia 19
4.3.7 Nov 20, 2009: Colombia’s Oil Production Reaches 704,000 Bpd In October 2009 20
4.4 Other Significant Developments 21
4.4.1 Jan 25, 2010: Pacific Rubiales Energy Updates On Abanico, La Creciente And Rubiales Blocks 21
4.4.2 Jan 19, 2010: Ecopetrol Receives $1 Billion Preliminary Commitment From US Eximbank 22
4.4.3 Jan 13, 2010: Azabache Energy Begins 2D Seismic Program At La Mona Block In Colombia 22
4.4.4 Jan 07, 2010: Pacific Rubiales Energy Enters Long Term Oil Transportation Contract With Oleoducto 22
4.4.5 Dec 11, 2009: Ecopetrol Announces Investment Plan Of $6.92 Billion In 2010 23
4.4.6 Dec 10, 2009: Colombia’s Oil Production Rises In November 2009 25
4.4.7 Nov 12, 2009: Ecopetrol Takes Over Operations Of Colombia’s Cupiagua Fields Beginning July 2010 25
4.5 New Contracts Announcements 26
4.5.1 Feb 02, 2010: NXT Energy Receives $431,000 Survey Contract In Colombia 26
4.5.2 Jan 13, 2010: CGGVeritas Signs Contract With GSS Geofisica Sistemas 26
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