This Wednesday the Minister of Mines and Energy, Irene Vélez, assured that the country’s gas reserves in gas would reach 20 yearsadding the proven, probable and possible reserves (1P, 2P and 3P respectively) plus the recent discoveries in the offshore Caribbean gas province.
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With this, the portfolio assured that the supply of this fuel would be guaranteed beyond 2037. “Even if the current prospective resources are added, the supply would be assured until the year 2042,” he stated. This data includes the contingent resources that would exist in the country.
It should be remembered that according to the last reserve report presented by the National Hydrocarbons Agency (ANH), with a cutoff of December 31, 2021, in the country, the resources 1P, 2P and 3P in gas reached 11.4 years.
In other words, the Caribbean province would add 4.6 years to the country’s reserves, which would reach 2037.
During her presentation, the minister also argued that the country has very low recovery levels, since it is located between 18% and 20%, when at the international level the average is 30%. For this reason, he pointed out that one of the challenges will be to improve this level to improve reserve levels.
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Likewise, Vélez stressed that the Ministry works in the reactivation of about 35 contracts that were assigned and with whose resources the country could also increase the life index of oil and gas reserves.
However, the Minister of Finance, José Antonio Ocampo, previously indicated that the portfolios, together with that of Commerce and other entities, are studying the need to provide new hydrocarbon exploration and exploitation contracts. In the debate, the minister did not clarify whether a final decision had been made in this regard.
However, in this regard he did state that “Any contract we sign today would be in the exploration stage for an average of 6 to 8 years. When we already know about these findings, it will be the exact moment in which, in Europe, for example, the demand via electrification will be decreasing, so, if we are going to take advantage of our subsoil, the ideal is to do it now when there is certainty about demand and high prices”.
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