Earlier this week, Colombian state-owned oil company
Ecopetrol announced
that its proven oil and gas reserves had fallen by 11 percent in 2015 to just
1.85 billion barrels equivalent because of the company’s fall in oil and gas
exploration. Ecopetrol added that it has 7.4 years worth of reserves, a
significant decline from 2014’s level of 8.6 years. The company’s statement
continued, “The largest contributions to reserves come from the Castilla and
Chichimene fields, both operated directly by Ecopetrol, and the Rubiales field,
which will be operated by the company from June 2016.”
That was not the only bad news reported by Ecopetrol, as the
Colombian oil company also announced
the temporary suspension of oil production at the Akacías oil field, which had
been producing 6,700 bpd. The oil company explained that low oil prices had
rendered continued operation of the oil field unprofitable. Ecopetrol however
insisted that the CPO-9 oil block is still extremely promising and of strategic
importance, which the company hopes to develop once market conditions have
improved.
In addition to Colombia’s dwindling oil reserves, Colombia’s
gas reserves are also running
out. According to the Colombian Petroleum Association, Colombia’s proven gas
reserves will run out in 2018. As a result, the Association is already readying
a plan to import natural gas, and warning the rest of the country about the steep
cost that will come with importing gas.
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