Boston, MA -- (SBWIRE) -- 07/02/2013 -- There is growing optimism with regard to the future of Colombia's energy sector; particularly as improving security dynamics and a more liberal business environment have led to increased investment in exploration and production (E&P). The ongoing licensing round and increased interest in the country's offshore potential will also bring increased foreign investment and exploration into the sector, leading to further growth in proven reserves and brightening an already robust long-term production picture.

Main trends and developments for Colombia's oil and gas sector are:

- An improving security situation and the country's attractive fiscal regime are likely to continue to attract significant levels of foreign investment into Colombia's oil sector. Production has grown by more than 70% since the mid-2000s and we expect that upward trend to continue. Production will exceed 1mn barrels per day (b/d) in 2013, and by 2017, we forecast production topping 1.39mn b/d, making it one of Latin America's top oil producers.
- Preliminary results indicate that the country's most recent licensing round was a success. Colombia's energy sector regulatory body, the ANH, reported that it received 105 offers for 49 blocks, out of a total of 115 on offer. Of these, 13 were located offshore, with the remainder onshore. Thirty-one of them had unconventional oil and gas potential.
- On the back of a reserves growth forecast increase in October 2012, we now see a 61.6% growth in the country's proven reserves between 2012 and 2017, reaching approximately 3.2bn barrels (bbl). Steady growth is also forecasted through the end of our forecast period.
- Although most investment has been aimed at tapping Colombia's oil reserves, the effect of rising investment is also being felt in the gas sector. Gas production has nearly doubled in the last decade and we see scope for strong growth in the years ahead. Output is forecast to rise from 11.0bn cubic metres (bcm) in 2012 to 13.5bcm in 2017.
- Production will continue to outpace consumption, leaving room for growing levels of exports. The bulk of these exports will continue to flow via pipeline east into Venezuela. However, we are now forecasting small-scale liquefied natural gas (LNG) exports starting 2013. Pacific Rubiales, operator of the country's largest oil field, will lead the LNG export charge. The company plans to build a 0.7bcm per annum floating LNG facility on the Caribbean coast, where it will target regional markets such as Panama, the Dominican Republic and Puerto Rico.

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