Back to AMERICAS 

COLOMBIA

South America

In previous years Colombia has been dogged by guerrilla activity, in particular pipeline bombings, that make oil production figures erratic although recent declines in production are mostly due to the mature industry. In the last few years political uncertainty has eased and the economy has recovered rapidly. 

The first discoveries were made during the 1920s and 1930s along the Magdalena Valley north of Bogota, the largest being La Cira, discovered and brought onstream in 1926, but by the early 1980s new discoveries had become rare and few further reserves additions were expected.

However in the 1980s many new larger fields were discovered in the Llanos basin of the foothills to the east of the Andes mountains. Along with a series of heavy oil fields, notably Castilla, onstream in 1976, large structures had been identified in the 1960s but drilling problems and a lack of technology had prevented development. There were also numerous risks and project economics were poor.

In particular the Cano Limon, Cusiana and Cupiagua fields were confirmed as giant fields, coming onstream in 1985, 1994 and 1996 respectively, although all have declined rapidly. Other large heavy oil fields are also likely to be developed in the future, including Cano Sur, which will stop decline for a period. 

The state is represented by Empresa Colombiana de Petroleos (ECOPETROL), through which contracts are negotiated. In 2003 Ecopetrol was split into three parts one of which became the new regulator, ANH. 

Colombia also has a Caribbean coastline where gas discoveries have been made in shallow waters on the Guajira peninsula near the Venezuelan border. The offshore Chuchupa gas field, discovered in 1973 and brought onstream in 1979, lies adjacent to the Ballenas gas field (mostly onshore) which was also discovered in 1973. A joint venture between Texaco and Shell operates both fields with the state company, Ecopetrol. There has been some offshore exploration drilling in deeper waters and over 35 wells have been drilled but without success.

CAPITAL

 Bogota

Population

 43.6 million

Onshore area

(000's sq kms)

1,138.9

Offshore area

(000's sq kms)

NEW

OIL PEAK YEAR

1999

 A low-priced and up-to-date oil and gas production and consumption forecast report on this country can be commissioned, including all relevant charts. Contact us for price and contents list.