International Congress and Exhibition Colombia Oil and Gas is an international, professional platform, bringing together flagship oil and gas companies from Latin America and world suppliers for the industry. Colombia Oil And Gas 2024 Business Congress enables to continue networking, share ideas and experience, work out anti-crisis solutions.
LNG EXPANSION IN CARTAGENA
OPERATOR/INITIATOR: Promigas, Vopak, Port Society El Cayao S.A
LOCATION: Сartagena
STAGE: Non-binding expression of interest
DATES: 2023 to 2026
Promigás could increase regasification capacity at its Cartagena liquefied natural gas (LNG) import terminal. Currently, Port Society El Cayao S.A. E.S.P. (SPEC LNG), has launched a non-binding expression of interest to assess market interest in potential regasification capacity expansion at the country’s only FSRU-based LNG import facility. Expansion plans consist of increasing its regasification capacity to 450 Mpc/d by the end of 2023 as well as up to a total of 530 Mpc/d by the second half of 2026.
GAS EXPLORATION AN DEVELOPMENT AND EXPLORATION WELLS DRILLING
OPERATOR/INITIATOR: Ecopetrol
LOCATION: Llanos Orientales basin, Middle
Magdalena Valley, Piedemonte,
and Offshore Caribbean
DATES: 2023-2025
INVESTMENT AMOUNT: US $870 M
Ecopetrol plans to drill 1,600 development wells between 2023 and 2025. 574 of them will be drilled in 2023. The company will also drill exploratory wells in the Llanos Orientales basin, Valle Medio del Magdalena, Piedemonte, and Offshore Caribbean. The aim is to maintain the current supply, seeking to increase it with 12 gas exploratory projects.
SEBASTOPOL REFINERY
OPERATOR/INITIATOR: Sebastopol
LOCATION: Puerto Berrío
DATES: 2024-2026
INVESTMENT AMOUNT: US $6 B
Located in Puerto Berrío, near the Magdalena River. It will enter the system with the aim of being a complement to the Cartagena Refinery, which will allow it to process everything from diesel to naphtha, gasoline and jet fuel. It will have five functional business units: the fuel processing complex, a 135-megawatt power plant, a river port on the Magdalena River, an industrial park to complement transportation, and a finished product transfer plant. Capacity 150,000 barrels per day.
PIPELINE BUENAVENTURA–YUMBO
OPERATOR/INITIATOR: UPME
LOCATION: Buenaventura – Yumbo
STAGE: Public Tender
DATES: 2024
INVESTMENT AMOUNT: US $650 M to US $1 B
Assembly of the Buenaventura- Yumbo 120km pipeline with a transport capacity of 400Mf3/d. The project, destined for the Buenaventura port on the Pacific coast, comprises also a 200,000m3 LNG storage and regasification facility.
ECOPETROL PIPELINE EXPANSION PLAN
OPERATOR/INITIATOR: Ecopetrol
DATES: 2023
INVESTMENT AMOUNT: US $313 M
The expansion plan is mainly focused in infrastructure integrity and reliability projects, associated with the pipeline expansion, aiming to guarantee the supply of refined products in the country. The transported volumes are estimated to exceed one million barrels per day.
ECOPETROL ENERGY TRANSITION PLAN
OPERATOR/INITIATOR: Ecopetrol
DATES: 2023-2025
INVESTMENT AMOUNT: US $861 M
Renewable self-generation, hydrogen, energy efficiency, carbon capture and ISA (transmission and roads) resources represent about 23% of Ecopetrol’s investment plan for 2023. By 2025, the company expects to incorporate 900 MW of renewable energy, produce more than 50,000 tons of low-carbon hydrogen, reduce nearly 400,000 tons of CO2e emissions, and advance carbon capture and storage (CCUS) studies.
Director of Hydrocarbons
Ministry of Mines and Energy Colombia
General Manager
Ecopetrol
President
Mompos Oil Company
Vicepresidente de Exploración
Ecopetrol
General Manager
Varosa Energy
President
Sebastopol Colombian Refinery
By 2026, Colombian crude oil production is set to reach 48,200 tonnes of oil equivalent. This represents an increase of 0.6% per year from the 2021 figure of 45,880 tonnes of oil equivalent.
Ecopetrol reported the approval of its 2024 investment plan, ranging from US $23 B to $27 B, as part of its 2040 Strategy, which calls for approximately US $19.3 B to maintain profitable production levels of between 725,000 and 730,000 barrels of oil equivalent per day.
Ecopetrol and Brazilian partner Petrobras began drilling their Orca Norte 1 offshore appraisal well in the deepwater Tayrona block. If successful, the companies aim to transport the gas to shore via a new pipeline that would also serve the nearby Chuchupa gas field.
Ecopetrol in partnership with Shell are also expected to ratchet up plans to develop their Gorgon discovery in the ultra-deepwater COL-5 block. In 2022, the joint venture drilled the Gorgon 2 well to a depth of 2,400m, making it the deepest well ever drilled in Colombian waters, confirming an extension of the gas discovery made in 2017 at Gorgon-1.
Geopark and Hocol have high hopes for Llanos 123, one of five exploration blocks awarded to the consortium in a 2019 licensing round. Two discoveries have been made on the block so far and further exploration campaigns are expected in the coming months.
Canacol contracted a 3,000HP rig to drill the Pola-1 exploration well on the VMM-45 block in the first half of 2024. The well is located in the Middle Magdalena Valley (MMV) basin, which is becoming a major focus for Canacol. In early 2023, the Canadian company said it made three gas discoveries in the MMV basin: at the Dividivi 1, Saxofón 1 and Chimela 1 wells.
A potential midstream project in the country includes a proposed connection between the Pacific port of Buenaventura and Cali and the refurbishment of a 224km pipeline that connects Venezuelan gas fields with existing infrastructure in Colombia's northeast.
Promigas and partner Royal Vopak are expected to push ahead with plans to increase regasification capacity at the SPEC LNG terminal in Cartagena by 200Mf3/d (million cubic feet a day).
Andes Energy is pushing ahead with plans to develop an LNG regasification plant on Colombia's Pacific coast as it seeks to boost natural gas supply to the country's southwest. The Cali-based developer has completed feasibility studies for the project in Buenaventura and is hopeful of participating in the next auction for firm energy obligations, slated for early next year.
Ecopetrol is undertaking maintenance and upgrade work at its Barrancabermeja refinery as it seeks to implement new technology and reinforce fuel supply. The national oil firm announced that it would invest US$770 M, by 2025 to modernize and expand the refinery.
Parex Resources, has discovered oil and gas in Arauca in eastern Colombia and plans to continue the program with follow-up wells. In 2024, Parex Resources plans to invest about US $410 M for various projects, with 75% of the funds allocated to operated blocks. The investment is expected to fund the drilling of 35 wells, including five exploration wells that the company deems “highly probable” for new discoveries of oil and natural gas. US $40 million will be allocated to these five wells—to be drilled in Capachos, Fortuna, Llanos-32, and Llanos-74 blocks in 2024.
In 2024, Ecopetrol plans to begin the construction of two industrial-scale hydrogen projects, each with an electrolysis capacity of 60MW. The facilities are expected to produce a combined 18,000t/y of green hydrogen by late 2025 or early 2026. In the long term, the firm aims to produce 1Mt of clean fuel per year to serve domestic and international markets.
Untapped potential waiting to be discovered:
Ecopetrol estimates Colombia's reserves potential at an equivalent of 47 billion barrels of oil, and a large part of the country remains unexplored.
Improved economic stability:
Colombia offers its investors a stable and predictable business environment, alongside a strong legal system. Colombian law guarantees equal rights to national and international investors, as well as the free flow of foreign capital.
Excellent geographic location:
With coasts on both the Pacific and Atlantic Oceans, Colombia offers easy access to the Gulf of Mexico, the east and west coasts of North America, the East Asian markets, as well as Central and South America.
Open to private investment:
Colombia encourages and facilitates private investment in the Oil and Gas sectors through direct negotiation, where priority is given to a first-come, first-served approach.
Attractive investment conditions:
Colombia's new Royalties and Tax contract model is among the most attractive in the world. It provides flexibility and profitability to foreign investors in the Oil and Gas sector.
Extensive transport infrastructure:
Colombia offers a full pipeline network for hydrocarbons and their products. A new pipeline for transporting gas to Venezuela has recently been completed and plans are currently in place to extend the gas transportation infrastructure to Panama.
Highly skilled labor
in the technical and professional fields: After more than 80 years of activity in the Oil and Gas industry, Colombia has developed a highly skilled workforce in both the technical and professional fields. You will also find that every Colombian is hardworking, loyal and will want to help you achieve your objectives.
More than 200 decision-making executives attend Colombia Oil & Gas each year. This key platform for executive leaders of the hydrocarbon business brings together delegates from local and international investors, as well as government representatives, regulatory entities, academics, project owners, and technology and service providers.
More than 20 investment projects related to production, exploration, transportation and energy transition in Colombia's oil and gas industry, which are in various stages of planning, development, construction, expansion, and modernization.
More than 40 industry leaders and experts will present and discuss the key issues influencing the development of the industry in Colombia and Latin America.
Extraordinary networking possibilities! Face-to-face 1-on-1 business meetings, networking roundtables, cocktails, and interactive conversations. Take this opportunity to exchange business cards with EVERY conference attendee!
Strategic Opening Session: Redirection of the Colombian Energy Industry: Analysis of the Colombian Energy Landscape. How to Arouse Interest, Attract Investors, and Ensure Successful Returns on Investment?
Key Solutions for Operational Efficiency: Discover state-of-the-art tools, solutions, and technologies to optimize operations in the Oil & Gas industry.
Progress of the Major Oil and Gas Projects: Perspectives for the development of the Colombian Offshore and status of the most relevant projects in the sector.
Future of Latin American Gas: Production vs. Import – Case Studies and Partnership Opportunities among the Countries of the Region.
Energy Transition and Sustainability: Progress on Colombia's Energy Transition Path towards a Sustainable and Resilient Oil and Gas Industry
Roundtable - State Intervention in the Energy Industry: Impact of Legislative and Regulatory Control on the Colombian Energy Matrix - Government Take, Surcharges, Investment Budgets and more.
Upstream Hydrocarbon Production: Myth or Reality? Reservoirs Optimization
How to improve the production of existing contracts without risking the country's energy security?
IMPORTANT! Strategies to Make Oil & Gas Projects Viable - Energy Industry ESG, Conflict Resolution, Job Creation, Promoting Energy Self-Sufficiency
Ask your most relevant questions, ask for advice, and share your experience during and after the sessions!
