Discoveries, financial strength lift Colombia
Colombia plans to play a growing role in international oil markets while expanding and privatizing its domestic gas and electricity industries. Officials intend to curb the government`s spending on energy development while increasing its energy revenues. Their plans imply growing participation in energy projects by private companies. Also certain to help attract investment capital is the country`s new standing as a world-class oil and gas province. Discovery of Cusiana oil field in 1989 and of Cupiagua oil field in 1992 added 2 billion bbl of oil and 3 tcf of gas reserves, effectively doubling Colombia`s totals. Exploration near the giant Cusiana-Cupiagua complex, in the eastern foothills of the Andes about 100 miles northeast of Bogota, has turned up an estimated 10 tcf of gas and 1 billion bbl of oil in Volcanera field and two discoveries overlying it, Florena and Pauto Sur. Colombia`s critics say that, despite its laudable economic stability and improving oil and gas prospectivity, political impediments could interfere with progress toward its lofty energy goals. The paper discusses the heightened political risks, unequal pace of reform, gas pipeline construction, gas regulations, tying gas to power, reform in the oil sector, achieving sustainable change, and the appeal to investors.
- OSTI ID:
- 382927
- Journal Information:
- Oil and Gas Journal, Vol. 94, Issue 29; Other Information: PBD: 15 Jul 1996
- Country of Publication:
- United States
- Language:
- English
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