On Friday, Colombia’s national hydrocarbons agency (ANH) announced the country’s target for hydrocarbon reserves content by 2040.
In 20 years, Colombia plans to add 3 million boe to its hydrocarbon reserves, replacing the current reserves by more or less 150%. Additionally, the country targets to award 200 blocks and see 800 wells drilled in the next 20 years as part of Plans 2040.
ANH President Armando Zamora elaborated that the goals were submitted in reaction to the current developments in the energy market amid the coronavirus pandemic.
"This is what we want now, given the new reality, given the new conditions, given the new knowledge we have, to launch that plan so that by 2040 we can maintain self-sufficiency and are able to develop other scenarios," Zamora said.
According to the government, the country has 6.3 years of proven oil reserves, around 1.8 billion barrels on December 31, 2020. It has 7.7 years of gas.
In 2021, Colombia’s oil output is estimated to average almost 770,000 bpd.
