Jun 2018

Natural Gas in Colombia

Subscribe to TBY YouTube channel for more economic news and first-hand insights http://bit.ly/TBYYouTube Known natural gas reserves in Colombia increased by nearly 8% between 2007-2016. However, with El Niño putting pressure on the country’s hydropower generation, its most important energy source, a growing demand for natural gas is fast outstripping supply. Colombia’s reserves, which currently stand at around 4.8 trillion cubic feet, are relatively small compared to its South American neighbors. Six companies account for 97% of this daily production. For the time being, Colombia can meet its supply needs through imports because of its proximity to Venezuela's large gas reserves and its access to two oceans, however this is not a wholly sustainable solution. Luckily, in 2017 Colombia’s state-run oil company Ecopetrol announced the country’s largest natural gas find in three decades. Located off the Caribbean coast near the Kronos-1 and Purple Angel-1 wells, this discovery adds to the burgeoning Caribbean and Atlantic offshore finds that include the Ballena and Chuchupa and Orca and Gorgon fields in La Guarija and the Caribbean respectively. TBY Podcast - http://bit.ly/2D1n51r TBY Country Economic Insights - http://bit.ly/2Rf0MbA TBY Events - http://bit.ly/2z257Hr Follow The Business Year on Social Media Website https://www.thebusinessyear.com/ Twitter https://twitter.com/TBYupdates Facebook https://www.facebook.com/thebusinessyear Instagram https://www.instagram.com/thebusinessyear/