The Ministry of Mines and Energy revealed in a facebook live reports that Colombia’s natural gas reserves in 2019, down to eight years with 3,100 cubic gigapies of gas. In 2018 they had been 9.8 years and 3,782 cubic gigapies of gas.
We see that in the medium term the country is likely to be forced to import a greater amount of gas, due to the new consumption expected for the electricity generation necessary to support the generation of electricity with renewable energy and the use of natural gas in mass transportation systems such as that of Bogotá. The current level of natural gas reserves is not sustainable in the long term.
Natural gas is the best and most impactful mechanism to reduce CO2 emissions.
For its part, Colombia’s oil reserves in 2019 stood at 6.4 years with 2,036 million barrels. In 2018, reserves had been 6.2 years of self-supply after reaching 1,958 million barrels.
2019 was the fourth consecutive year of increase in Colombia’s oil reserves.
Projected natural gas reserves
The increase in reserves is attributed to new discoveries, increased recovery factor and asset acquisitions.
The Minister of Mines and Energy, María Fernanda Suárez, indicated that, due to the current world situation, Colombia’s oil production could drop between 40,000 and 100,000 barrels per day.
Initially, the government expected crude oil production to reach 900,000 barrels of oil per day by 2020.