New roadmap list to increase oil reserves | Economy

A leap in the country’s oil policy with a view to not only increasing the production of hydrocarbons, but also strengthening the institutions that are directly and indirectly part of the sector in the territory, will be announced today by the Government.

(Lea: In the fourth oil cycle, more than 40 blocks will be offered)

It is about the ‘2040 Plan’, which will be presented at the III Oil and Gas Summit, by Armando Zamora, president of the National Hydrocarbons Agency (ANH).

(Lea: ‘Gas production will now be 30% of the operation’)

The strategy, which seeks to strengthen the ties of the State in those areas of the country that develop oil operations, will be based on four axes: investment in geological knowledge, technological transformation, strategic alliances, and liberation and redistribution of areas on the land map.

(Lea: ‘The’ fracking ‘pilots would give results in 2022’)

“This plan is a new policy that the Ministry of Mines and Energy will lead in a coordinated effort with the Interior, Transport, Labor and Environment portfolios to offer a rapid response in the territories regarding concerns about the operation, which will be supervised with a tool that will measure the effectiveness of the management ”, explained Zamora.

For his part, the oil engineer and sector analyst, Julio César Vera, pointed out that “having a model that assesses the competitiveness of the country in the oil sector in a dynamic and not static way as is happening today, and with a clear vision of the process of transition and energy diversification of the world and the region, gives space to make the most of the potential that we still have, but without losing the clarity that we must continue to advance in the transition “.

CATERING

Likewise, the ‘2040 Plan not only considers a restructuring in the ANH itself, but also at the institutional level, where the possibility of creating a Superintendency of Hydrocarbons is striking.

This allows, not only to strengthen the role of the Agency as administrator of the resource (oil or gas), but also the work and coordination with the Colombian Geological Service (SGC), and the Ministry of Science and Technology, in the function of promoting the country’s hydrocarbon potential.

“This roadmap that is being built with all specialists, with an emphasis on hydrocarbon exploration, will guide actions to take advantage of the potential of the subsoil to increase reserves,” said Zamora.

For the unions in the country’s hydrocarbon sector, the aforementioned plan sets out the path that the industry must follow in order to guarantee the supply of domestic demand for oil and gas in the medium and long term, as well as the exploratory efforts necessary to incorporate the reserves. that will maintain self-sufficiency and the public policy measures required to meet the goals set.

“The Plan is a great opportunity to rethink the country in energy terms, so it should be oriented towards defining the real needs it will have in the face of the energy transition and articulating the sector within this dynamic, since it will continue to be an important source of resources for the country’s finances, and a milestone of sustainable development for all regions, ”said Germán Espinosa, executive president of the Colombian Chamber of Oil, Gas and Energy (Campetrol).

The union leader reiterated that there is a commitment to work hand in hand with the Government, industry and the territory, for the implementation of all the necessary actions “to leverage energy security, the protection of our ecosystems from climate change, the macroeconomic stability of the country, and sustainable territorial development ”.

MORE INVESTMENT

For other analysts of the country’s oil sector, the ‘2040 Plan’ has different tools to attract higher levels of investment to the sector.

“On the one hand, continue with the allocation of areas under the Permanent Process for the Assignment of Areas (PPAA), which has been successful, and on the other, launch other types of rounds for the so-called ‘League B’, offering smaller or in exploration that have not been developed to date ”, explained Nicolás Arboleda, associate of Energy, Mines and Infrastructure, of Baker & Mckenzie.

The consultant also pointed out that, with the plan, it will seek to increase the production of barrels of oil and equivalents, by achieving ‘unlocking’ areas that were awarded more than a decade ago and were not developed.

“Possibly it will also address the YNC issue in terms of showing its potential for the country and the importance that offshore contracts could be, whose potential could be enormous,” said Arboleda.

And he added that, “it is expected that the Plan also addresses environmental and social issues, so that the sector can have better tools for the development of its projects, which can frequently be affected by these, either with authorities or communities” .

EMPHASIS ON PRODUCTION

The ‘Plan 2040’ outlines the operation on three fronts to increase oil and gas reserves. The first is to put the accelerator for new cycles of the PPAA. A new one is already being programmed for mid-2021 in which the ANH will offer between 40 and 60 blocks for development, of which 10 would be located in the Caribbean Sea.

The second work front is to increase improved recovery works in mature fields but with the potential to extract more crude. And the third is the development of unconventional deposits (YNC) through the technique of ‘fracking’, and which is currently in the phase for the development of the Pilot Projects of Integral Research (PPII

Alfonso Lopez Suarez
Portfolio Writing

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