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 sq.km)
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)
Licensing:

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

30 May 24
Colombia: Arrow Exploration announces Q1 2024 interim results
Arrow Exploration, the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, has announced its Q1 2024 interim results. In Q1 2024, Arrow experienced its strongest quarter to date for production and EBITDA.
16 May 24
Colombia: Arrow Exploration announces the spud of the CNB HZ-1 well
Arrow Exploration has announced the spud of the Carrizales Norte B pad Horizontal Well 1 ('CNB HZ-1') on the Tapir Block in the Llanos Basin of Colombia. The CNB HZ-1 well will develop the Ubaque formation which has been successfully delineated by the CN Q1 2024 well program.
18 Apr 24
Colombia: Canacol Energy announces new gas discovery at Chontaduro-1
Canacol Energy has announced a new gas discovery at the Chontaduro-1 exploration well located on the 100 percent operated VIM21 Exploration and Production contract. Canacol is currently skidding the rig to drill the Chontaduro-2 appraisal well, targeting the CDO sandstone reservoir in the southern part of the Chontaduro discovery.
16 Apr 24
Colombia/Argentina: Interoil announces production report for March 2024
Interoil has announced March 2024 production figures for its assets in Colombia and Argentina. Interoil’s total daily average operated production in March increased by 135 boepd compared with February. The increase is mainly coming from fields in Argentina whereas Colombia reduced its operated production.
11 Apr 24
Colombia: Parex Resources and Ecopetrol enter into definitive agreements to explore Colombia’s high-potential Llanos Foothills trend
Parex Resources and its strategic partner Ecopetrol have entered into definitive agreements to consolidate their position along the Llanos Foothills trend in alignment with current Colombian government objectives to secure gas supply and support energy transition initiatives.

Colombia - more news

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