Colombia oil and gas E&P investment could jump 8% in 2025, industry group says
The Colombian Oil and Gas Association (ACP) said the resources would however, maintain the South American nation's current levels of crude oil production.
Investment last year was $4.33 billion, according to the ACP.
"Today more investment is required to produce the same amount of oil, due to the natural depletion of the fields and the complexity of the operating environment," ACP President Frank Pearl said.
"For gas, we are not managing to either increase production or replenish reserves, which is double the challenge when it comes to energy self-sufficiency," he added.
The ACP estimated that $740 million would be invested in exploration this year, while $3.94 billion would go toward production so the country can keep pumping between 760,000 and 770,000 barrels of oil equivalent per day, similar to the 772,000 boepd recorded in 2024.
However, it predicted that gas output would decline to 905 million cubic feet per day, compared to 959 million cubic feet last year.
Since coming into office in 2022, President Gustavo Petro has sought to reduce the country's dependence on fossil fuels, a major contributor to the nation's economy, and move towards solar and wind energy projects.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
a day ago
- Reuters
Colombia central bank expected to cut rate after inflation dip: Reuters poll
BOGOTA, July 25 (Reuters) - Colombia's central bank will cut its benchmark interest rate next week, a Reuters poll suggested on Friday, although analysts expect the bank to act cautiously for the rest of the year due to the worsening state of the government's finances. Sixteen of 20 analysts surveyed said the bank would reduce the benchmark interest rate by 25 basis points to 9%, following a sharper-than-expected slowdown in inflation in June. One analyst forecast a 50-basis-point cut, while the remaining three expected the bank to hold the rate steady, as it did in June. Analysts said the decision is unlikely to be unanimous. "Our expectation (of a 25-basis-point cut) is largely explained by the downward surprise in June's inflation and its effect on expectations for the coming months," said investment firm Corfi. Consumer prices rose 0.10% in June, bringing 12-month inflation to 4.82%, below market expectations, though still well above the central bank's long-term target of 3%. Some analysts who expect a pause cited inflation that is likely to remain above the central bank's 3% target through 2025, as well as growing fiscal concerns. Latin America's fourth-largest economy is facing lower tax revenue, high debt and difficulty reducing spending. "Concern over the fiscal issue continues to increase due to both lower government revenue collection and expectations of a higher fiscal deficit," Colombian bank Davivienda said in a note. "It is also important to mention that the economy is not performing poorly in terms of growth." The central bank's meeting will take place a day after the U.S. Federal Reserve meets on July 29-30, when it is expected to hold U.S. rates steady. Meanwhile, analysts raised their year-end expectation for Colombia's benchmark rate to 8.50% from 8.25%. The forecast for the end of 2026 remains unchanged at 7%.
Daily Mail
a day ago
- Daily Mail
Bayern Munich reignite interest in Liverpool forward Luis Diaz as talks continue despite rejected bid
Bayern Munich have reignited their interest in Liverpool forward Luis Diaz and talks are continuing over a potential deal this summer, Mail Sport understands. The Reds rejected a bid in the region of £60m from the Bundesliga giants earlier in the window and insisted they had no intention of selling the winer. But Bayern have been tracking Diaz all summer and despite seeing their first formal approach knocked back, they remain in dialogue with Anfield figures. It is not believed that a second bid has been officially lodged. Diaz, who is under contract until 2027, cost Liverpool £50m when they swooped to sign him from Porto in January 2022, beating Manchester United and Tottenham to his signature. He has gone on to become an integral member of their squad. During his side's charge to the Premier League title last season, the Colombia international scored 13 goals and registered seven assists in 36 top-flight matches. Liverpool place such importance on him that they may demand a fee beyond £100m. More to follow.
BBC News
2 days ago
- BBC News
Wolves continue Premier League bargain hunt with Arias deal
Colombia international Jhon Arias, who has joined from Fluminense, is the latest shrewd bit of business after joining in a deal worth up to £ 27-year-old can play on either side and fits Vitor Pereira's style of play as an inverted his age and with his experience - he has 31 caps for Colombia and won the Copa Libertadores with Fluminense - there is an expectation he will make an instant is not viewed as a direct replacement for Matheus Cunha, after his £62.5m exit to Manchester United, but will take the number10 shirt, signifying how important Wolves view him to is the second signing of the summer, after attacker Fer Lopez joined from Celta Vigo, and Wolves are still looking for a replacement for right-back and captain Nelson Semedo, while another forward to compete with Jorgen Strand Larsen is the days of the club spending over £40m on individual players have gone, with the £44m record signing of Cunha in 2023 likely to stand for a summer, midfielder Andre - who played with Arias at Fluminense - joined for about £17m, while centre-back Emmanuel Agbadou arrived from Reims in the winter window for £16.6m and played a large part in ensuring Wolves avoided relegation. Lopez cost £ are 'mid-range' fees as Wolves look to pay sensible money for players who can make an instant impact, having been burned by big-money signings who have not lived up to their price Goncalo Guedes joined for £38m from Valencia in 2022 but struggled and has been loaned to Benfica and Villarreal, while Matheus Nunes arrived from Sporting for a similar fee and rarely shone despite then earning a move to Manchester City two years ago.
