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The Colombian oil miracle

The Colombian oil miracle

Colombia has done an excellent job in the past decade of positioning itself as an attractive destination for international oil companies. However, the country has not seen any major discoveries since Cusiana, and the replenishment of reserves in recent years has been insufficient to ensure sustainable production in the long term. The greater activity expected in offshore exploration and non-conventional hydrocarbon exploration poses both a challenge and an interesting business opportunity for industry suppliers. Despite challenges, Colombia remains a popular destination for hydrocarbons investment.

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Ecopetrol: Reaching the million bpd mark
One of the keys to Colombia’s oil success has been the transformation of Ecopetrol. The state-owned company was not only relieved of the task of managing the country’s oil wealth, there was also a profound change in its corporate governance, including the public listing of part of its capital, which has turned it into one of the most attractive Latin American oil companies in recent years.

Colombia has significant potential in terms of offshore oil reserves in both the Caribbean and Pacific. Although there is no offshore oil production in the country at present, industry sources estimate that around 60% of Colombia’s potential crude oil resources lie under the sea.

Non-conventional hydrocarbons
Colombia is also pushing to develop its non-conventional hydrocarbon potential. According to estimates by the Energy Information Agency (EIA), Colombia has the third highest potential among South America countries for non-conventional hydrocarbon deposits after Argentina and Brazil.

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