Colombia wants to increase its oil reserves by 3 billion by 2040

Colombia will seek to add 3,000 million barrels equivalent from oil to its hydrocarbon reserves by the year 2040said the president of the National Hydrocarbons Agency (ANH), Armando Zamora.

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 billion barrels in the next 20 years,” said the official.

Colombia has 6.3 years of proven oil reserves -slightly more than 1,800 million barrels- and 7.7 years of gas, cut off 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.”