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helloween
17.12.2018 kl 11:05 3149

New government, new challenges
ANH’s Luis Miguel Morelli said that after working on serious regulations for over 10 years, the country is officially ready to start developing fracking pilot projects.

“We are waiting for the conclusions of the commission of experts assigned by MinMinas and MinAmbiente, and for the decision of the ANLA to start with the projects,” he said.

According to the executive, there are already nine contracts signed with national and foreign firms like Ecopetrol (NYSE:EC), ConocoPhilips (NYSE: COP), ExxonMobil (NYSE:XOM) and Drummond, among others, which will focus their activities in the Middle Magdalen Valley and Cesar Rancheria basins.

To date, Colombia has less than 1,8Bbl in oil reserves, enough for 5.7 years at an average consumption of 320mmb a year. With fracking, reserves will increase to 8Bbl.

Colombia would also have to import gas in a few years if the situation does not change, which represents negative economic consequences for the entire country.

“While in Colombia the price of gas is US$4.5 per million BTU, imported gas rises to between US$8 and US$10. We have to make decisions and define if we are going to be self-sufficient in energy issues, or if we are going to start being importers,” MinMinas Suarez said.

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