South America / GoM

Colombia flag
Summary | Profile

Country profile: Colombia

Location: Northern South America, bordering the Caribbean Sea, between Panama and Venezuela, and bordering the North Pacific Ocean, between Ecuador and Panama. Includes Isla de Malpelo, Roncador Cay, and Serrana Bank
Climate: tropical along coast and eastern plains; cooler in highlands
Terrain: flat coastal lowlands, central highlands, high Andes Mountains, eastern lowland plains
Size: 1138910 sq. km total (Land area: 1038700 sq. km  Water area: 100210
Population: 45,013,674 (July 2008 est.)
Languages: Spanish
Government: republic; executive branch dominates government structure
Capital city: Bogota
Legal system: based on Spanish law; a new criminal code modeled after US procedures was enacted into law in 2004 and reached full implemention in January 2008; judicial review of executive and legislative acts; has not accepted compulsory ICJ jurisdiction
Currency: Colombian peso (COP)

Country profile

Colombia has faced decades of political and economic struggles, much of it linked to narcotics trafficking and civil war. Since taking office in August 2002, President Alvaro Uribe has enacted political, fiscal and social reform policies, combined with increased security measures in order to promote economic growth and stability. The policies of the Uribe administration have had some success in improving economic conditions and the security situation in the country. There has been a substantial reduction in the number of attacks against Colombia’s energy infrastructure. However, while the security situation has improved, Colombia's longstanding civil conflict has taken its toll on the country's energy sector, with the country’s pipelines and power lines still experiencing occasional sabotage by insurgent groups.

Colombia is a net petroleum exporter, though declining production at its mature fields threatens to turn the country into an oil importer in the medium term. The Colombian government has implemented a partial privatization of state oil company Ecopetrol in an attempt to revive its upstream oil industry. Colombia is also an important producer of high quality coal. Because Colombia relies upon hydropower for the bulk of its electricity needs, it is able to export almost all of its coal production, making it one of the world’s largest coal exporters.

Energy production and consumption

Oil Gas
Production: 539,000 bbl/day (2005 est.) 6 billion cu m (2005 est.)
Consumption: 264,000 bbl/day (2005 est.) 6 billion cu m (2005 est.)
Exports: 289,700 bbl/day (2004 est.)  
Imports: 6,453 bbl/day (2004 est.)  
Reserves: 1 billion bbl (2007 est.) 109 billion cu m (1 January 2006 est.)
Major fields:

Colombia - recent news

18 Sep 20
Colombia: Petrobras starts binding phase for the sale of its stake in the Tayrona Block, offshore Colombia
Petrobras has announced the beginning of the binding phase regarding the sale of its entire stake in the exploratory portion of the Tayrona Block, located in the Guajira Basin, Colombia.
24 Aug 20
Colombia: Interoil granted extension of LLA-47 and Altair exploration periods
Interoil Exploration and Production has announced that the national E&P authority Agencia Nacional de Hidrocarburos (ANH) in Colombia has granted an extension of 12 months for the LLA47 and the Altair exploration licenses.
27 Jul 20
Colombia: Interoil resumes production at Vikingo-X1
Interoil has announced the restart of production at its Vikingo well in the LLA-47 block in Colombia. Vikingo's production has reached a stable flow of 250 barrels of oil per day, which represents a 25 per cent rate increase over Vikingo's production prior to its shut-in.
25 Jun 20
Colombia: Parex plans to increase production and re-start capex programs
Parex Resources, a company focused on Colombian oil exploration and production, has provided an operational update. The Company is developing action plans to return shut-in production, resume capital activity and generate free cash flow.
09 Feb 20
Colombia: Ecopetrol and Shell join efforts to develop the gas province of the Colombian Caribbean
Ecopetrol and Shell have signed an agreement whereby Shell will acquire a 50 percent stake in the Fuerte Sur, Purple Angel and COL-5 blocks, located in the Colombian Caribbean deep-water, where a new gas province has been discovered.

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