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“Colombia should start importing gas in 2026 and oil in 2028”, ACP

“Colombia should start importing gas in 2026 and oil in 2028”, ACP

The Oil and Gas Association of Colombia has provided a document that develops the current overview of the sector and proposes two possible scenarios for its future.

There are currently more than 500 companies in the sector between operators and contractors of goods and services, they have a presence in 97 municipalities and at least 19 departments with exploitation and production activities, generating 95,000 jobs.

For the report, the Association proposed two scenarios: A’s futurepromote oil and gas exploration and production and, B’s futureweakening oil and gas exploration and production.

in the future to, the entity declared, that the country could maintain self-sufficiency in energy from oil and gas for at least another decade. They added to that Colombia could continue to export oil and, in this way, continue to support the trade and exchange balance of the country.

It would stimulate $84 billion in investments in the sector during the next national government and $172 billion until 2032″, they consolidated in the document. In addition to generating revenue for the Nation of $105 billion for the next Government and $227 billion until 2032.

in the future in which the energy policy would be weakened, suggested a reduction in production, sure to be done in five years oil would fall by 47% and gas by 27%. Because of this reduction, energy self-sufficiency would be at risk, ie which would start the country importing gas from 2026 and oil from 2028 onwards.

As a result of the low production, they expected a loss of $18 billion in fiscal contributions and duties from E&P companies to the Nation and the regions. Why would government programs to overcome poverty, regional socio-economic development, productive transformation and repay the country’s energy. The same, a $21 billion decrease in investments and, as a result, they said it would affect employment and opportunities to contract goods and services in the regions.

This study is based on projects that have already been approved to develop discovered resources. They confirmed that the exploratory wells would be drilled from contractual obligations that the companies assumed before the National Hydrocarbons Agency.

Regarding the investment projection, they explained that this fall has consequences, as well as effects on production and exports, on the socio-economic dynamics of the departments with the presence of the industry due to lower contracts of goods and services and loss of municipal income.

Regarding the impacts on energy security and the trade balance, they added that the country would, in the future B, be in a vulnerable position in the face of international tensions because it would be dependent on oil and gas imports.

They conclude by recommending a roadmap with strategies and public policy measures, among which they mention the reactivation of exploration and production for oil and gas reserves, the incentive of efficiency measures in environmental procedures and the strengthening of territorial relations.

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