Colombia Oil & Gas Report

Providing expert analysis, independent forecasts and competitive intelligence on the oil and gas industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Oil & Gas Risk Reward Index, Market Summary, Economic Forecasts, Company Profiles, Competitive Landscape and Global and Regional Overview.

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Colombia Oil & Gas Report
Product Price
$1,295.00

BMI View : Colombia's energy sector is nearing an inflection point . While the past decade has witnessed strong production growth due to improvements in the business and security environment, we caution that the country will experience downward pressure on oil production over the longer term. The tendency toward smaller finds, as well as recent increases in pipeline attacks have begun to show signs of decreased investor interest in Colombia's resources, as witnessed in the 2014 licensing round s. Furthermore, sustained lower oil prices have threatened the development of upstream and downstream projects by both national and international investors . Given ongoing below and above-ground challenges, we maintain a cautious stance toward the future of Colombia's hydrocarbon productivity.

Headline Forecasts (Colombia 2013-2019)
2013 2014 2015f 2016f 2017f 2018f 2019f
e/f = BMI estimate/forecast. Source: EIA, BMI
Crude, NGPL & other liquids prod, 000b/d 1,022.0 1,010.0 1,030.4 1,041.1 1,026.5 1,007.0 988.0
Dry natural gas production, bcm 10.2 10.4 10.5 10.5 10.4 10.3 10.3
Dry natural gas consumption, bcm 7.6 8.3 8.8 9.2 9.7 10.1 10.5
Refined products production, 000b/d 340.0 340.0 342.9 364.4 376.1 383.4 391.1
Refined products consumption & ethanol, 000b/d 344.7 354.4 363.8 373.8 384.2 396.1 408.8
Brent, USD/bbl 108.70 99.50 55.00 54.00 53.00 60.00 64.00

The key trends and developments in the Colombian oil and gas sector are:

  • Continued progress at the bilateral peace talks between the government and insurgent rebels have provided a temporary boost to output. However, lower oil prices have maintained downside pressure on upstream activity.

  • The Ministry of Mines and Energy (MME) announced a 25% reduction in tax rates for some offshore drillers in addition to being exempt from value added taxes (VAT). This policy hopes to incentives further offshore drilling and development off of Colombia's Caribbean coast, however we caution that this is unlikely to materially change activity levels amid a broad industry downturn.

  • The modernised Refineria de Cartagena SA (Reficar) is expected to reach full capacity in Q116. This will add 85,000 b/d of downstream capacity which will service growing domestic demand over the next several years.

While bilateral relations between Colombia and Venezuela have soured over the past several months due to rising contraband imports of gasoline into Colombia, the OPEC country is hoping to begin its long-awaited exports of natural gas by pipeline in January 2016. Supplies are expected to come from the offshore Perla development which started up in the summer of 2015.

BMI Industry View
7
SWOT
9
Oil & Gas SWOT
9
Industry Forecast
11
Upstream Exploration
11
Table: Proven Oil and Gas Reserves (Colombia 2013-2018)
11
Table: Proven Oil and Gas Reserves (Colombia 2019-2024)
11
Upstream Projects
14
Table: Colombia - Key Upstream Projects
14
Upstream Production - Oil
20
Table: Oil Production (Colombia 2013-2018)
20
Table: Oil Production (Colombia 2019-2024)
20
Upstream Production - Gas
27
Table: Gas Production (Colombia 2013-2018)
27
Table: Gas Production (Colombia 2019-2024)
27
Refining
30
Table: Refining Capacity and Refined Products Production (Colombia 2013-2018)
30
Table: Refining Capacity and Refined Products Production (Colombia 2019-2024)
31
Refined Fuels Consumption
33
Table: Refined Products Consumption* (Colombia 2013-2018)
33
Table: Refined Products Consumption* (Colombia 2019-2024)
33
Gas Consumption
35
Table: Gas Consumption (Colombia 2013-2018)
35
Table: Gas Consumption (Colombia 2019-2024)
35
Trade - Oil
38
Table: Crude Oil Net Exports (Colombia 2013-2018)
38
Table: Crude Oil Net Exports (Colombia 2019-2024)
38
Table: Refined Fuels Net Exports (Colombia 2013-2018)
40
Table: Refined Fuels Net Exports (Colombia 2019-2024)
41
Table: Refined Fuels Net Exports (Colombia 2019-2024)
41
Table: Total Net Oil Exports - Crude and Products (Colombia 2013-2018)
43
Table: Total Net Oil Exports - Crude and Products (Colombia 2019-2024)
43
Trade - Gas (Pipeline and LNG)
44
Table: Gas Net Exports (Colombia 2013-2018)
44
Table: Gas Net Exports (Colombia 2019-2024)
45
Industry Risk Reward Index
49
Latin America - Risk/Reward Index
49
Table: Latin America Composite Risk/Reward Index, Out of 100
49
Upstream RRI: Reforms Prompting A Shake Up
51
Table: Latin America Upstream Risk/Reward Index, Out of 100
52
Downstream RRI: Medium-Term Outlook Reinforces Current Dynamics
54
Table: Latin America Downstream Risk/Reward Index, Out of 100
56
Colombia Risk/Reward Index
57
Colombia Upstream Index - Overview
57
Colombia Upstream Index - Rewards
57
Colombia Upstream Index - Risks
58
Colombia Downstream Index - Overview
58
Market Overview
60
Colombia Energy Market Overview
60
Overview/State Role
60
Licensing And Regulation
61
Table: Royalty Rates
62
International Energy Relations
65
Oil And Gas Infrastructure
66
Refineries
66
Table: Refineries In Colombia
67
Service Stations
68
Oil Terminals/ Ports
68
Oil Pipelines
69
LNG Terminals
72
Gas Pipelines
73
Competitive Landscape
74
Competitive Landscape Summary
74
Table: Key Players - Colombian Oil & Gas Sector
76
Company Profile
77
Chevron
77
Empresa Colombiana de Petr-leos (Ecopetrol)
81
ExxonMobil Colombia
89
Occidental
92
Pacific Rubiales Colombia
96
Perenco
100
Sinochem
102
Other Summaries
105
Regional Overview
114
Latin America Overview
114
Global Industry Overview
123
Global Energy Market Overview
123
Table: Top 10 Global Oil Producers - Crude Oil, Condensates & NGLs Production ('000b/d)
123
Table: Oil Production Growth 2015-2024* ('000b/d)
126
Table: Oil Production Growth 2015-2024* ('000b/d)
127
Appendix
129
Global - Crude Oil, Refined Fuels And Natural Gas Prices, 10-Year Forecasts
129
Table: Energy Price Forecasts (Global 2013-2018)
129
Table: Energy Price Forecasts (Global 2019-2024)
130
Latin America - Regional Appendix
131
Table: Oil Consumption - Historical Data & Forecasts, 2012-2019 ('000b/d)
131
Table: Oil Consumption - Long Term Forecasts, 2016-2024 ('000b/d)
132
Table: Oil Production - Historical Data & Forecasts, 2012-2019 ('000b/d)
133
Table: Oil Production - Long-Term Forecasts, 2016-2024 ('000b/d)
133
Table: Refining Capacity - Historical Data & Forecasts, 2012-2019 ('000b/d)
134
Table: Refining Capacity - Long-Term Forecasts, 2016-2024 ('000b/d)
135
Table: Gas Consumption - Historical Data & Forecasts, 2012-2019 (bcm)
135
Table: Gas Consumption - Long-Term Forecasts, 2016-2024 (bcm)
136
Table: Gas Production - Historical Data & Forecasts, 2012-2019 (bcm)
136
Table: Gas Production - Long-Term Forecasts, 2016-2024 (bcm)
137
Table: LNG Exports - Historical Data & Forecasts, 2012-2019 (bcm)
137
Table: LNG Exports - Long-Term Forecasts, 2016-2024 (bcm)
138
Colombia - Total Hydrocarbons, 10-Year Forecasts
139
Table: Total Hydrocarbons Production, Consumption and Net Exports (Colombia 2013-2018)
139
Table: Total Hydrocarbons Production, Consumption and Net Exports (Colombia 2019-2024)
139
Colombia - Refined Products Breakdown, 10-Year Forecasts
140
Table: Refined Petroleum Products, Production Breakdown (Colombia 2013-2018)
140
Table: Refined Petroleum Products, Production Breakdown (Colombia 2019-2024)
141
Table: Refined Petroleum Products, Consumption Breakdown (Colombia 2013-2018)
142
Table: Refined Petroleum Products, Consumption Breakdown (Colombia 2019-2024)
143
Table: Refined Petroleum Products, Net Exports Breakdown (Colombia 2013-2018)
145
Table: Refined Petroleum Products, Net Exports Breakdown (Colombia 2019-2024)
145
Table: LPG Production, Consumption and Net Exports (Colombia 2013-2018)
146
Table: LPG Production, Consumption and Net Exports (Colombia 2019-2024)
147
Glossary
148
Table: Glossary Of Terms
148
Methodology
150
Industry Forecast Methodology
150
Source
152
Risk/Reward Index Methodology
152
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
154
Table: Weighting
155

The Colombia Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Colombia including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Colombia Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Colombian oil and gas industry.

Key Benefits

  • Benchmark BMI's independent oil and gas industry forecasts for Colombia to test consensus views - a key input for successful budgeting and strategic business planning in the Colombian oil and gas market.
  • Target business opportunities and risks in the Colombian oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Colombia.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.

Coverage

BMI Industry View

Summary of BMI’s key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the upstream and downstream sectors and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series and forecasts to end-2024 for all key industry indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecast:

  • Pricing: Oil price (USD/bbl, WTI, Brent, OPEC basket, Urals); oil products prices (unleaded gasoline, gasoil/diesel, jet/kerosene – USD/bbl) at global hubs.
  • Production, Consumption, Capacity & Reserves: Proven oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (‘000b/d); proven gas reserves (tcm), production and consumption (bcm) and fuels trade.
  • Imports & Exports: Crude oil exports/imports (‘000s b/d) and value of crude oil trade in USD. Fuels exports/imports (‘000s b/d) and value of fuels trade in USD. Natural gas imports/exports (bcm), by pipeline and/or LNG, and value of natural gas trade.

BMI’s Oil & Gas Risk Reward Index

BMI’s Risk Reward Indices provide investors (independents, NOCs, IOCs, oil services companies) looking for opportunities in the region with a clear country-comparative assessment of the upstream and downstream market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Overview

A profile of the upstream and downstream sectors, including analysis of reserves, output, consumption and trade of energy products; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Competitive landscape

Comparative company analyses by USD sales, % share of total sales, number of employees, year established, ownership structure, oil production (‘000b/d), gas production (bcm), downstream capacity (‘000b/d) and % market share.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Regional Overview

Regional perspective on size and value of the industry. Plus comparative rankings by production, refining, imports and exports of oil, gas and LNG.

Global Oil Market & Oil Products Outlook

Based on our country coverage of over 99% of global oil and gas production and consumption, BMI provides demand, supply and price forecasts to end-2024 for oil, gas and oil products.

Sources

The Oil & gas Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.