The National Hydrocarbons Agency has released its report on resources and reserves, in which it is clear that the life index of oil and gas is falling. In oil, this happens at 7.5 years and in gas at 7.2 years. In terms of volume, gas reserves are 11% lower, and oil reserves are 1% higher.
In this regard, Clara Lilian Guatame explained that factors such as lower gas re-injection in the wells, which, by developing this fact in gas and oil, stimulated a moderate increase in the number of wells.
(Minminas emphasized the importance of gas ‘contingent resources’).
Regarding the feasibility of suspended contracts, he stated that he is evaluating the possibilities of incentives for companies that resume operations. Similarly, in the event that a new range of contract assignments precedes, the matter is prepared.
That economic factors are one of the factors that have driven the most growth in the volume of oil reserves, what does it mean this year that we see a drop in prices?
This is an incentive to produce hydrocarbons. It remains to be seen how the economy will fare in 2023. So far this year we have seen a downward trend, but it is not the only factor that has explained the results of subsidies. There are five themes that work together to make a decision in the development of fields.
(Gas reserve life has fallen to the last level in 17 years.
The drop in trigger life is very pronounced. What is the greatest?
Some fields stopped rejecting the gas, so it was consumed that was not re-injected or the injection cycle to maintain pressure. In Cusiana and Cupiagua, where it has always been done, it is not done at this time, in order to respond to national consumption. When the gas is not rejected, it happens that water enters and the reserve volume decreases. This was what happened.
In probable and possible resources (2P and 3P). What is your life index?
We only deal with proven resources. In this case we will only put the tests. These others have a lower probability of extraction, 50% and 10% for probable and possible respectively, so there are very few that go forward to testing, because they require a lot of investment and further development to train them. For this reason, when he makes a report on resources and resources, he looks at how much has happened to proven resources and is relatively small.
(the allocation of new oil contracts has stopped).
There has been an increase in production and they have explained this moderation in the Medium-Term Fiscal Framework. What happened to this? Was it a purely financial matter?
There have been some fields that have come into production, such as CPO5 and the Indian well, which are about 3,000 to 3,500 barrels each. A small well was drilled by Ecopetrola in Cupiagua for about 4,500 barrels and one Cosecha in Caño Limón that increased production.
How many contracts have entered the suspension and termination process?
So far there are six contracts that have been suspended this year and three that have entered the termination process.
There are 35 contracts that are suspended. But you have to understand that this is a very fluctuating issue, because it can restart your process or definitely ask for termination.
(Release the US sanctions against the Venezuelan oil company PDVSA).
How have the talks with the companies been and progress towards viable suspended contracts?
We have immediate communication with companies and we are committed to listening to them and making the activity as prompt as possible. We have a project plan for the territory that focuses on the contract and its causes of suspension to work to remove these things that allow the contract to continue.
We also spend some time on how we can promote the exploration of contracts that are in force and what strategies we can use. We have elaborated on several points, some of which are part of the incentives for those who are exploring their activity. We are making an announcement soon, but we will work on it, because it is important to continue the exploration, to strengthen the current contracts and to support the companies that carry out their activity.
Now let’s talk about the non-awarding of new exploration and production contracts and its functions to promote exploration. What happened to this area and this office?
Yes, inside there is a vice-presidency that is in charge of promoting areas, but this moment is destined to the potential that we have already assigned. Together we build this line of work in favor of our services with modern contracts.
(Oil reserves fell to 7.5 years and gas reserves to 7.2 years).
As a result of the fact that you may be handing over new areas of exploration and production, do you have areas that have already been earmarked that could go through the round?
The basic function of agency is that we don’t stop doing what needs to be done. We have a technical disability presidency, whose job it is to assess the potential of certain regions.
In fact, we already have some areas classified and now a lot is going on in the steam to have an analysis of how to promote it in the Piedmont, we see what is happening on the coast and in the lower Magdalena Valley.
DANIEL MORALES SOLER