The companies in the hydrocarbons sector were waiting to know the colombia oil and natural gas reserves report at the end of 2022, since these data are key for the Government to define if it opens the possibility of signing new exploration and production contracts or for it to close it definitively.
However, after knowing the balance of the National Hydrocarbons Agency (ANH), the Minister of Mines and Energy, Irene Vélez, evaded clearly answering the journalists’ questionswho insisted on whether there had already been a decision on this issue.
(Also read: Colombia’s oil and natural gas reserves reach for fewer years)
President of Naturgas, Luz Stella Murgas, and the Minister of Mines and Energy, Irene Vélez
The policy of this Government is working because the recovery improved from 21 to 23 percent
“This is a question that is answered from public policy and public policy is the most efficient in existing contracts,” he said.
According to the ANH report, natural gas proven reserves decreased 11 percent and totaled 2,817 cubic gigafeet. The useful life of these reserves also fell to 7.2 years, when at the end of 2021 they reached 8 years.
Regarding oil, proven reserves were 2,074 million barrels, an increase of 1.7 percent compared to the balance of 2021. However, a higher production of 275 million barrels led to oil reserves reach for 7.5 years. This means that there was a decrease in self-sufficiency, which at the end of 2021 was 7.6 years.
(Also read: Reserves of the 6 largest oil companies in Colombia are enough for fewer years)
Minister of Mines and Energy, Irene Vélez
This is a clear demonstration that we are doing it right and that greater efficiencies in existing contracts
After knowing this information, the Minister of Mines and Energy only limited herself to saying that “the policy of this government is working because the improved recovery went from 21 to 23 percent, which means that what we are encouraging has an effect on increasing reserves.”
“This It is a clear demonstration that we are doing it right and that greater efficiency in existing contracts is the route of the energy transition”, added the official.
Additionally, he pointed out that a policy of greater efficiency in exploration and exploitation will continue through improved recovery and accelerating a regulation that allows produce the gas that has been discovered in the Caribbean Sea.
Jamie Moreno. WEATHER Archive
Additionally, the minister highlighted that in 2022 the production expectation that had been embodied in the Medium-Term Fiscal Framework was exceeded, since 753,000 barrels per day were achieved when the figure was 751,000 barrels per day. This means that, in economic terms, in our fiscal dependence on the export of crude oil we are fine“, he added.
The Minister of Mines and Energy also assured that in seven years Yes, it will be possible to achieve that the contingent resources become oil and natural gas reserves.. According to the ANH, the 3C crude oil contingent resources increased by 204 million barrels, while those of natural gas increased by 5.8 cubic terapies.
Of this total, 2.9 cubic terapiés correspond to reclassified resources from the Sinú and Guajira Offshore basins and 2.8 cubic terapiés are fields located on the mainland.
