Energy & Utilities

In the past 10 years, Colombia has emerged as one of Latin America’s leading hydrocarbons producers. With just over 1m barrels per day of production in 2013, Colombia trailed only Mexico, Venezuela and Brazil in the region. On a relative basis, natural gas production, at 1.2bn cu feet per day, is more modest, but has also grown every year but one since 2003. With one of the lowest reserves-to-production ratios among the world’s major oil producers, the sector’s primary problem is limited reserves. The industry has begun exploring new unconventional hydrocarbons resources such as shale oil and gas, offshore oil and gas, and coal-bed methane, all of which have the potential to become significant sources of new revenue for the industry. With stable production from conventional sources and expanding opportunities in unconventional and offshore blocks, Colombia’s energy sector appears poised to sustain at least moderate levels of growth. This chapter contains interviews with Javier Gutiérrez, President, Ecopetrol; and Javier Betancourt, President, National Agency of Hydrocarbons (ANH).