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

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

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

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

Table of Contents

|Table of Contents 3

|List of Tables 4

|List of Figures 5

Colombia Exploration and Production Sector 6

Colombia Exploration and Production Sector, Oil and Gas Production Outlook 6

Colombia Exploration and Production Sector, Marketed Natural Gas Production by Terrain 9

Colombia Exploration and Production Sector, Gross Crude Oil and Condensate Production by Assets 10

Colombia Exploration and Production Sector, Marketed Natural Gas Production by Assets 13

Colombia Exploration and Production Sector, Net Entitlement Crude Oil and Condensate Production by Major Companies 16

Colombia Exploration and Production Sector, Net Entitlement Natural Gas Production by Major Companies 20

Colombia Exploration and Production Sector, Active and Upcoming Oil and Gas Asset Details 23

Colombia Exploration and Production Sector, Exploration 30

Colombia Exploration and Production Sector, Total Licensed Blocks 30

Colombia Exploration and Production Sector, Licensed Blocks by Company 30

Colombia Exploration and Production Sector, Exploration 34

Colombia Exploration and Production Sector, Exploration Details, Exploration 34

Colombia Exploration and Production Sector, Major Oil and Gas Discoveries 40

Colombia Exploration and Production Sector, Number of Oil and Gas Discoveries, 2016 – 2020 40

Colombia Exploration and Production Sector, Oil and Gas Discovery Details 41

Recent Contracts 46

Appendix 50

Methodology 50

Coverage 50

Secondary Research 50

|Contact Us 51

Table

Colombia, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Colombia, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Colombia, Gross Crude Oil and Condensate Production (bd), by Assets, 2016-2025 10

Colombia, Marketed Natural Gas Production (mmcfd), by Assets, 2016-2026 13

Colombia, Net Entitlement Crude Oil and Condensate Production (bd), by Major Companies, 2016 – 2025 16

Colombia, Net Entitlement Natural Gas Production (mmcfd), by Major Companies, 2016 – 2025 20

Colombia, Active and Upcoming Oil and Gas Field Assets Details 23

Colombia, Total Licensed Blocks, 2010-2020 30

Colombia, Licensed Blocks by Company, 2010-2020 30

Colombia, Recently Licensed Block Details 34

Colombia, Number of Oil and Gas Discoveries, 2016 – 2020 40

Colombia, Oil and Gas Discovery Details, 2016 – 2020 41

Recent Contracts 46

Recent M&A Activity 48

Figures

Colombia, Total Gross Crude Oil and Condensate Production (bd) by Terrain, 2016-2025 8

Colombia, Marketed Natural Gas Production by Terrain (mmcfd), 2016-2025 9

Top 10 Fields in Colombia by 2020 Crude Oil Production 10

Top 10 Fields in Colombia by 2020 Natural Gas Production 13

Top 10 Fields in Colombia by 2020 Crude Oil and Condensate Production 16

Top 10 Fields in Colombia by 2020 Natural Gas Production 20

Colombia, Active and Upcoming Oil and Gas Assets by Production Start Year 23

Colombia, Number of Oil and Gas Discoveries, 2016 – 2020 40

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