Colombia is one of the six Latin American countries with potentially significant energetic resources for the future. Regarding Oil & Gas reserves the estimate is 1.668 trillion barrels of oil and 7.3 cubic tera cubic feet (terapies), respectively. Oil which represented in 2008 32% of Colombia’s total exports is one of the greatest foreign revenue generator for the country.
Opportunities offered by the Colombian Oil & Gas sector attract foreign investment from large companies operating independently or through joint venture contracts with companies already established in Colombia.
Colombian oil industry is highly sophisticated and diversified. Besides extraction and production companies, Colombia has two refineries, a strong petrochemical industry, oil-related service companies, oil & gas companies, consulting companies and other key elements for the industry value chain. About a dozen academic institutions offer programs specialized in geosciences and oil engineering. Furthermore, the country’s long history in oil & gas exploration and production has contributed to the development of a wide base of skilled and experienced professionals in the oil industry.
Colombia became a net crude exporter in the 80´s, as a consequence of important discoveries in Caño Limón, Cusiana and Cupiagua oilfields. The country’s production grew from 126,000 bpd (barrels per day) in 1980 to 816,000 bpd in 1999, and exports reached $4.5 billion dollars in 2000.
Since 2007, production has increased from 525.000 to 650.000 bpd (barrels per day) The National Oil & Gas Agency (ANH) has an ambitious investment plan to improve the knowledge and understanding basis of the country’s geology and to boost exploration of the existing important Oil & Gas potential, especially in the least explored areas. To achieve this, ANH has been accruing more than 100 million dollars a year to purchase new seismic and geological data.