Colombia focuses on oil and gas production and infrastructure

06 March 2012 19:33  [Source: ICIS news]

HOUSTON (ICIS)--Colombia’s goal is for 1.5m bbl/day of oil production by 2020 as the country increases efforts to develop conventional and unconventional resources, the oil market and the petrochemical market, said a government official from Colombia on Tuesday.

Colombian Minister of Mines and Energy Maricio Cardenas said the country’s energy sector is undergoing a “silent revolution”.

The country will soon reach 1.0m bbl/day of oil production as a result of increased exploration and investments, particularly from the private sector, he said.

Unconventional natural gas and oil through production of shale basins has also taken off in 2012. Colombia official auctioned off 109 blocks, or regions, for energy production in February to attract foreign investors. Of the regions, 31 were unconventional gas and oil basins, said Cardena.

He said additional transportation and infrastructure is also being constructed. Colombia has a budget of $4bn (€3bn) for investment in infrastructure, and has begun plans for a heavy oil pipeline to the Pacific, which the country hopes will be used by Venezuela as well.

The petrochemical business is receiving renewed attention as officials are evaluating the current manufacturing to assess regional needs and upgrade its petrochemical facilities, Cardena said.

($1 = €0.76)

By: Sheena Martin
+1 713 525 2653

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