Colombia Oil and Gas Exploration and Production Market Volumes and Forecast by Terrain, Assets and Major Companies, 2021-2025
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Colombia’s total gross crude oil and condensate production capacity in 2020 was 811.2 thousand barrels per day (kbd), which is expected to decline at a CAGR of more than -9% during the forecast period 2021-2025. Most of the hydrocarbon production in Colombia is supplied from onshore fields located in Llanos Orientales and the Middle Magdalena Valley basins of Meta and Casanare states. Natural gas production in the country accounts for just over 15% of the overall hydrocarbon supply. Natural gas is the second-largest energy source in Colombia. However, some estimates show a limited amount of natural gas proved reserves left in the country, and hence active and more aggressive gas exploration program is needed to mitigate such a steep decline.
Colombia crude oil and condensate production overview
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What are the market dynamics of the Colombian exploration & production sector?
There are very few planned or announced projects expected to come online between 2021 and 2024 in Colombia. One planned field, Aruchara, is a conventional gas field operated by NG Energy International Corp and is located in the La Guajira state of the Guajira basin. The field is expected to pump its first oil in 2021. However, it will barely compensate for the declining production from mature fields, making the overall country’s gas production to decline. There are a total of 90 discoveries in the country that haven’t been moved to full developments yet, while 84 are located onshore. The size of the discovered accumulations is not significant and none of them proved commerciality yet. This makes the oil and gas production forecast for the country quite pessimistic, and significant investments in exploration are needed to revive the industry.
Besides conventional hydrocarbon production, Colombia is estimated to carry significant unconventional or shale resources that, by some estimates, exceed current conventional production and at full development could help to mitigate the steep decline of mature fields. However, horizontal drilling and fracking have been a dubious topic in Colombia and many non-governmental organizations argue against it due to high environmental risks. Moreover, there are two lawsuits that are currently filed against unconventional resources development, and any shale commercial drilling is banned. However, pilot projects are allowed, but for evaluation purposes only. At the end of last year, National Hydrocarbon Agency in Colombia (ANH), published a document on the assessment of horizontal drilling and fracking technology on four pilots in Middle Magdalena and Cesar Rancheria basins. As a result of the bidding round that was held in November 2020, a national oil company in Colombia, Ecopetrol, was the only operator awarded one fracking pilot contract. In 2019 the company partnered with Occidental Petroleum to develop shale acreage in the famous Permian basin, located in the United States. This experience can allow Ecopetrol to strengthen its knowledge in unconventional developments and then apply this technology in Colombia. In the next bidding round held by ANH, where the remaining three pilots were offered, only Exxon Mobil Corporation (ExxonMobil) has been awarded a contract, Platero project, located in the Middle Magdalena Valley Basin. Even though currently companies are allowed to conduct fracking, unconventional production is still quite uncertain due to the high risk that a pertinent court might not lift a ban on commercial extraction technology, or full-scale development will not be viable.
What are the key categories of Colombia’s crude oil and natural gas production?
Onshore is the only category of Colombian crude oil production by terrain. The Colombian natural gas production is categorized based on terrain into onshore and shallow water. The onshore category accounted for the largest share in Colombia’s natural gas production in 2020. The major assets in Colombia’s crude oil and condensate production include Rubiales, Castilla, and Chichimene. Similarly, the major assets of Colombia’s marketed natural gas production include Pauto Sur, Cupiagua, and Chuchupa.
Colombia natural gas production, by terrain type
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Which are the major companies in the Colombian exploration & production sector?
The key companies in Colombia’s crude oil and condensate production sector include Ecopetrol SA, Frontera Energy Corp, and Parex Resources Inc. The major companies in Colombia’s natural gas production are Ecopetrol SA, Canacol Energy Ltd, and Frontera Energy Corp. Ecopetrol SA was the leading company in natural gas production, and crude oil and condensate production sectors in Colombia, in 2020.
Colombia exploration & production sector, by key players
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Market report scope
Market size (Year – 2020) | Crude oil and condensate production: 811.2 kbd |
Growth | Crude oil and condensate production: CAGR >-9% during 2021-2025 |
Base year for estimation | 2020 |
Key categories | Onshore and shallow water |
Key companies | Ecopetrol SA, Frontera Energy Corp, Parex Resources Inc., and Canacol Energy Ltd |
This report provides an overview of the Colombian exploration & production sector. The report includes:
- Key details of active and upcoming oil and gas assets in the country
- Recently licensed blocks details, licensed blocks count by company, and latest discoveries
- Latest mergers and acquisitions, and awarded contracts related to the E&P sector in the country
Reasons to Buy
- Gain a strong understanding of Colombia’s E&P sector
- Facilitate decision making based on strong historical and outlook of oil and gas production data, licensed blocks details, and discoveries
- Assess your competitor’s production outlook and licensed blocks count in the country
- Analyze the latest M&A landscape and awarded contracts related to the country’s E&P sector
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Frequently asked questions
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What was the oil and condensate production capacity of Colombia in 2020?
Colombia’s total gross crude oil and condensate production capacity in 2020 was 811.2 thousand barrels per day (kbd)
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What is the growth rate of Colombia’s oil and condensate production?
Colombia’s oil and condensate production is expected to decline by a CAGR of more than -9% during 2021-2025.
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What was the natural gas production capacity of Colombia in 2020?
The marketed natural gas production capacity of Colombia in 2020 was 1,177 million cubic feet per day (mmcfd).
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What is the growth rate of Colombia’s natural gas production?
Colombia’s natural gas production is expected to decline at a CAGR of more than -12% during the forecast period 2021-2025.
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Who are the major players in the Colombian exploration & production sector?
The key companies in the Colombian exploration & production sector include Ecopetrol SA, Frontera Energy Corp, Parex Resources Inc., and Canacol Energy Ltd.
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