Investment Projects


Cartagena refinery

Investment: US$150 M

Description: Interconnection project of the original crude unit to increase its production capacity from 150 thousand barrels per day of crude oil to an average of 200 thousand barrels per day, which will increase the production of clean fuels such as gasoline, ultra-low sulfur diesel and jet.



Investment. US$600 M

Start date: 2021

The start of fracking pilots in Colombia will be delayed until 2021 despite government efforts to accelerate new rules for unconventional drilling for oil and gas. This is because ratification of the regulations is not expected until at least 2021, which forces managers to put their projects on hold. The industry still awaits the final technical and environmental criteria before moving forward with the proposed pilots.

The operation of the pilots, all planned for the north of Colombia, will be in charge of ExxonMobil (Puerto Wilches, Santander department), Ecopetrol (Barrancabermeja, Santander), ConocoPhillips (San Martín, Cesar) and Drummond (Ranchería, Cesar) , and will produce up to 450,000b / d maximum.



Sebastopol Refinery

Investment: US$6000 M

Begins construction: 2020.

Begins operations: 2023

Located in Puerto Berrío, near the Magdalena River. It will enter the system aiming to being a complement to the Cartagena Refinery, which will allow it to process from diesel to naphtha, gasoline and jet fuel. It will have five functional business units: the fuel processing complex, a 135 megawatt power plant, a river port on the Magdalena River, an industrial park to complement transportation, and a finished products transfer plant. Capacity 150,000 barrels per day.



Permanent Area Allocation Process (PPAA) 2020

Investment: Between US $ 6 M and US $ 12 M

The development of the third cycle (auction) of PPAA Areas is planned for October, with the presentation of bids. The National Hydrocarbons Agency (ANH) has received five letters of interest and / or requests for the incorporation of Areas, which confirms the interest of investors to carry out activities in Colombia despite the challenging circumstances of the pandemic and low oil prices.

2019 ended with the award of 26 new Areas, of the 70 that were offered under the PPAA. In addition, five offshore Exploration and Production (E&P) contracts were signed in waters of the Caribbean Sea. In total, 31 blocks were granted with investment commitments of more than US $ 2,776 million. Under current circumstances, most of this investment has been delayed.

The ANH is already reviewing the competitiveness of its value offer for the PPAA´s fourth cycle, scheduled for 2021, in contractual terms and in new Areas, to be first on the list when exploratory investment picks up again, once the pandemic is overcome. The hydrocarbon sector will play a fundamental role in the economic reactivation of Colombia, a destination that due to its legal stability and favorable contractual conditions generates trust and interest among the investment community.


CANACOL – Gas Pipeline

Investment: US$400 M

Begins operation: 2023

Assembly of a gas pipeline that will connect the fields in the department of Córdoba with the city of Medellín. This line will have the capacity to transport 100 mpcd of gas. The 300-kilometer (185-mile) pipeline will be ready by the end of 2023, fully financed with the company's own cash flow. The talks are well advanced with the partners that will participate and with the banks and funds that will finance the project. The environmental license is expected to be approved in 2021. The production level in 2023 will be above 350 mpc.



Col -3 & GUA OFF -3

Investment: US$100 M

In 2019, it signed two contracts for the offshore exploration and production (E&P) of blocks COL-3 and GUA OFF-3 with the National Hydrocarbons Agency (ANH) with investment commitments of more than US $ 100 million in the first phase.

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