Justin Jacobs, LONDON: Colombia is turning to its nascent unconventional oil and gas sector in a bid to attract new investors and sustain growth in its booming oil and gas industry. Although some shale-gas and heavy-oil exploration is already taking place, the country’s unconventional push will start in earnest with an upcoming licensing round.
Orlando Cabrales, who took over as director of the national hydrocarbons agency (ANH) in October, recently told local El Espectador that around one-third of the 113 blocks to be offered in this year’s licensing round have shale potential – both gas and liquids. The round is expected to be formally launched on 21 February, with final bids due in mid-October.
The US Energy Information Administration estimates Colombia’s technically recoverable shale-gas resources at 19 trillion cubic feet (cf), with proved reserves estimated at 4 trillion cf.
New investors
Until recently, Colombia’s oil...