Overview of Colombia, after partial privatization of state oil company Ecopetrol

Overview of Colombia, after partial privatization of state oil company Ecopetrol

Colombia has seen a dramatic increase in oil, natural gas, and coal production in recent years after the implementation of a series of regulatory reforms.
The enactment of a series of regulatory reforms to make the oil and natural gas sector more attractive to foreign investors led to an increase in Colombia production. The government implemented a partial privatization of state oil company Ecopetrol (formerly known as Empresa Colombiana de Petróleos S.A.) in an attempt to revive its upstream oil industry. However, after nearly a half-decade of relatively secure operations, attacks on oil and natural gas pipelines have increased. Expanded oil production will require discoveries of reserves and improvements to infrastructure safety.
In 2011, the U.S. Energy Information Administration (EIA) estimates that Colombia consumed 1.48 quadrillion British thermanl units (Btus) of total energy. Oil constituted the largest part of this amount, followed by hydroelectricity, natural gas, and coal. The country relies on hydropower for the bulk of its electricity needs and uses very little coal domestically. Of the 94.6 million short tons (MMst) of coal produced, Colombia exported 94% in 2011. Natural gas consumption in Colombia has grown, rising over 54% in the past decade.
– EIA forecasts that Colombian oil production will rise to over 1 million bbl/d in from 2013-2015.
– The United States is the top destination for Colombia’s oil exports.
– Colombia is self-sufficient in natural gas supply and recently began exporting to neighboring Venezuela.
Source: eia.gov
Oil and Gas Press

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