Colombia aims to obtain 3,000 million barrels of oil equivalent from new reserves by 2040

File photo. An oil employee works in the Rubiales field, in the department of Meta, Colombia, January 23, 2013. REUTERS / José Miguel Gómez

By Oliver Griffin and Carlos Vargas

BOGOTÁ, Nov 19 (Reuters) – Colombia will seek to add 3 billion barrels of oil equivalent (boe) to its hydrocarbon reserves by 2040, the president of the National Hydrocarbons Agency (ANH), Armando Zamora, said on Friday.

The addition of these reserves will guarantee Colombia’s energy self-sufficiency, added Zamora, who spoke on the last day of a virtual forum organized by the Colombian Petroleum Association (ACP).

“We hope to replace current reserves in a consolidated way, by more or less 150%, that is, to add 3,000 million barrels in the next 20 years,” said the official.

Colombia has 6.3 years of proven oil reserves – just over 1,800 million barrels – and 7.7 years of gas, as of December 31, 2020, according to the Government.

Oil production this year is expected to approach 770,000 barrels a day, according to the Ministry of Mines and Energy.

Under the “2040 Plan”, Colombia expects to award 200 blocks and drill 800 wells in the next 20 years, Zamora announced.

“This is what we want now, given the new reality, given the new conditions, given the new knowledge we have, to launch that plan so that by 2040 we can maintain self-sufficiency and we will develop other scenarios,” he concluded.

(Reporting by Oliver Griffin and Carlos Vargas .; Translated by Luis Jaime Acosta; Edited in Spanish by Javier López de Lérida)

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