Proved oil and fuel reserves in Colombia are lowering alarmingly, as revealed by the most recent report from the National Hydrocarbons Agency (ANH), with figures up to date in December 2023. Gas reserves had a major lower of 15, 7%, from 2.82 cubic therapies in 2022 to to 2.37 cubic therapies in 2023. On the opposite hand, oil reserves decreased by 2.6%, falling from 2,074 million barrels in 2022 to 2,019 million barrels final 12 months.
ANH President Orlando Velandia famous that this discount has introduced the connection between reserves and fuel manufacturing to a crucial degree, with solely 6.1 years of provide remaining if no motion is taken. Velandia additionally highlighted that the soundness of oil reserves is partly attributable to replenishment efforts, though it stays a priority.
The fuel state of affairs may be very alarming, because the report reveals a lowering development since 2017, with inadequate provide of recent molecules to fulfill demand. Despite some promising discoveries lately, the tempo of discovery has not been sufficient to offset the depletion of current sources.
Faced with this disaster, leaders of the Colombian power sector, similar to Luz Stella Murgas, president of Naturgas, and Julio César Vera, president of the Xua Energy Foundation, referred to as for pressing motion. Murgas emphasised the necessity to enhance exploration and speed up the event of fuel sources to make sure power independence. On her half, Vera highlighted the significance of restoration and exploration applications in areas with untapped potential.
In response, the Colombian authorities, via the Minister of Mines and Energy, Andrés Camacho, introduced a bundle of measures to cope with the state of affairs. This consists of the institution of the Interinstitutional Hydrocarbons Committee and the issuance of rules governing hydrocarbon contracts and agreements, with the intention of encouraging the analysis and improvement of recent initiatives.
From the non-public sector, a second set of measures has been proposed which incorporates the promotion of cooperation between frequent initiatives and power transition, the pliability of obligations and the overview of current contract areas. These plans search to create a positive surroundings for funding and make sure the stability of Colombia’s power sector within the midst of this difficult situation.