Colombia will run out of natural gas in 7.2 years and then crude oil in 7.5 years, according to new data revealed by the country’s National Hydrocarbon Agency (ANH).
The alarming figures come as the South American country struggles to boost reserves and production owing to a lack of conventional resources to entice investors. This even as Colombia has significant non-conventional resources to change its destiny but hydraulic fracturing or fracking is not an option under the government of President Gustavo Petro.
Unless Colombia can attract investments to boost its oil and gas reserves or dramatically boost production of renewable energy sources, the country will be forced to rely increasingly on imported energy. And that’s usually not cheap.
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Colombia, home to around 51 million citizens, according to Worldometer, currently imports LNG via a terminal in Cartagena on its Caribbean coast. Another terminal slated for Buenaventura on its Pacific Coast is another option that might be tapped in the future.
Colombia’s proved gas reserves reached 2.82 Tcf in 2022, while production was 392 MMcf. In 2021, reserves were 3.16 Tcf and production 395 MMcf. Colombia’s gas reserves-to-production (R/P) ratio of 7.2 years in 2022 slipped from the 8 years registered in 2021. In 2015, the figure was 9.9 years.
On the oil side, reserves reached 2.07 Bbbl in 2022, while production was 275 MMbbl. In 2021, reserves were 2.04 Bbbl and production 269 MMbbl. Colombia’s oil (R/P) ratio of 7.5 years fell from 7.6 years in 2021. In 2015, the figure was 5.5 years, according to ANH data.