By 2026, Colombian crude oil production is set to reach 48,200 tonnes of oil equivalent. This represents an increase of 0.6% per year from the 2021 figure of 45,880 tonnes of oil equivalent.
Ecopetrol reported the approval of its 2024 investment plan, ranging from US $23 B to $27 B, as part of its 2040 Strategy, which calls for approximately US $19.3 B to maintain profitable production levels of between 725,000 and 730,000 barrels of oil equivalent per day.
Ecopetrol and Brazilian partner Petrobras began drilling their Orca Norte 1 offshore appraisal well in the deepwater Tayrona block. If successful, the companies aim to transport the gas to shore via a new pipeline that would also serve the nearby Chuchupa gas field.
Ecopetrol in partnership with Shell are also expected to ratchet up plans to develop their Gorgon discovery in the ultra-deepwater COL-5 block. In 2022, the joint venture drilled the Gorgon 2 well to a depth of 2,400m, making it the deepest well ever drilled in Colombian waters, confirming an extension of the gas discovery made in 2017 at Gorgon-1.
Geopark and Hocol have high hopes for Llanos 123, one of five exploration blocks awarded to the consortium in a 2019 licensing round. Two discoveries have been made on the block so far and further exploration campaigns are expected in the coming months.
Canacol contracted a 3,000HP rig to drill the Pola-1 exploration well on the VMM-45 block in the first half of 2024. The well is located in the Middle Magdalena Valley (MMV) basin, which is becoming a major focus for Canacol. In early 2023, the Canadian company said it made three gas discoveries in the MMV basin: at the Dividivi 1, Saxofón 1 and Chimela 1 wells.
A potential midstream project in the country includes a proposed connection between the Pacific port of Buenaventura and Cali and the refurbishment of a 224km pipeline that connects Venezuelan gas fields with existing infrastructure in Colombia's northeast.
Promigas and partner Royal Vopak are expected to push ahead with plans to increase regasification capacity at the SPEC LNG terminal in Cartagena by 200Mf3/d (million cubic feet a day).
Andes Energy is pushing ahead with plans to develop an LNG regasification plant on Colombia's Pacific coast as it seeks to boost natural gas supply to the country's southwest. The Cali-based developer has completed feasibility studies for the project in Buenaventura and is hopeful of participating in the next auction for firm energy obligations, slated for early next year.
Ecopetrol is undertaking maintenance and upgrade work at its Barrancabermeja refinery as it seeks to implement new technology and reinforce fuel supply. The national oil firm announced that it would invest US$770 M, by 2025 to modernize and expand the refinery.
Parex Resources, has discovered oil and gas in Arauca in eastern Colombia and plans to continue the program with follow-up wells. In 2024, Parex Resources plans to invest about US $410 M for various projects, with 75% of the funds allocated to operated blocks. The investment is expected to fund the drilling of 35 wells, including five exploration wells that the company deems “highly probable” for new discoveries of oil and natural gas. US $40 million will be allocated to these five wells—to be drilled in Capachos, Fortuna, Llanos-32, and Llanos-74 blocks in 2024.
In 2024, Ecopetrol plans to begin the construction of two industrial-scale hydrogen projects, each with an electrolysis capacity of 60MW. The facilities are expected to produce a combined 18,000t/y of green hydrogen by late 2025 or early 2026. In the long term, the firm aims to produce 1Mt of clean fuel per year to serve domestic and international markets.
