Colombia Oil Reserves Rise 2.9 %

Posted by Joseph R. Fonseca
Monday, May 05, 2014
Image

 

Colombia's oil reserves had risen 2.9 percent to 2.445 billion barrels by the end of 2013, up from 2.38 billion barrels a year earlier, taking reserves to their highest despite a missed exploration target, the energy ministry said on Monday.

Foreign investment into the Andean nation's oil and gas sector has surged in recent years and the government is preparing to tap non-conventional or shale resources offering such blocks in its 2014 oil auction which concludes in July.

Though security has improved massively in the last 10 years due to increased military pressure on the leftist FARC and ELN guerrilla groups, the rebels have intensified bomb attacks on oil pipelines, with 259 attacks in 2013 alone, the oil industry association said.

"2013 was a difficult year for the sector because it had to contend with attacks and social conflict which impacted on oil sector activity," said Energy Minister Amylkar Acosta, adding that reserves were now at their highest ever.

He said some 115 exploration wells had been drilled in 2013, below the target of 135.

Santiago Angel, Vice-President for Hydrocarbons at the national association for industrial development, ANDI, welcomed the growth in reserves but said they were still uncomfortably low, still equivalent to around seven years output.

"It's good news if you look at it in percentage terms but overall it's still worrying," he said, suggesting upwards of 15 years production in reserves as a desireable level.

Gas reserves by Dec. 31, 2013 stood at 6,409 tera-cubic feet, the ministry said.

Colombia produced just over 1 million barrels per day of crude in 2013, up 6.6 percent from 944,000 barrels per day in 2012. Gas production last year was 1.174 billion cubic feet per day on average, up 1.6 percent from 2012.

State-run Ecopetrol produces the bulk of Colombia's crude oil and Toronto-listed Pacific Rubiales is the biggest private oil producer.

(Reporting by Luis Jaime Acosta; Writing by Peter Murphy; Editing by Steve Orlofsky, Bernard Orr and Marguerita Choy)

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

EMGS - Settlement of the Convertible Bond Loan to North Energy

Divestment fully in line with ABB’s commitment to continuous portfolio optimization. ABB has divested five businesses with limited synergies in the past 11 months raising about $1 billion.

Chariot Agrees Brazil Farm Out with AziLat

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, announced that its wholly owned subsidiary, Chariot Brasil Petróleo e Gás Ltda.

Maersk Drilling Q2 2014 Profit Dips

Maersk Drilling informs that in Q2 2014 it delivered a profit (NOPAT) of USD 117-m (USD 150-m). While the underlying operational performance remained strong with an operational uptime of 97% (96%),

Finance

Foster Wheeler to Supply Heat Recovery Steam Generator In Mexico

Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Power Group has been awarded a contract by Iberdrola, for the design and supply

EMGS - Settlement of the Convertible Bond Loan to North Energy

Divestment fully in line with ABB’s commitment to continuous portfolio optimization. ABB has divested five businesses with limited synergies in the past 11 months raising about $1 billion.

Standard Chartered Private Equity invests $ 75 mi in Topaz

Topaz Energy and Marine (“Topaz”), a leading offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations

Energy

Foster Wheeler to Supply Heat Recovery Steam Generator In Mexico

Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Power Group has been awarded a contract by Iberdrola, for the design and supply

EMGS - Settlement of the Convertible Bond Loan to North Energy

Divestment fully in line with ABB’s commitment to continuous portfolio optimization. ABB has divested five businesses with limited synergies in the past 11 months raising about $1 billion.

Chariot Agrees Brazil Farm Out with AziLat

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, announced that its wholly owned subsidiary, Chariot Brasil Petróleo e Gás Ltda.

News

ST Engineering Singapore's Sole Ranker in Forbes' List

Singapore Technologies Engineering Ltd (ST Engineering) announced that it is the only company in Singapore to make it to Forbes’ list of The World’s Most Innovative Companies.

Foster Wheeler to Supply Heat Recovery Steam Generator In Mexico

Foster Wheeler AG (Nasdaq:FWLT) announced today that a subsidiary of its Global Power Group has been awarded a contract by Iberdrola, for the design and supply

EMGS - Settlement of the Convertible Bond Loan to North Energy

Divestment fully in line with ABB’s commitment to continuous portfolio optimization. ABB has divested five businesses with limited synergies in the past 11 months raising about $1 billion.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.5284 sec (2 req/sec)