Colombia
Press Release

Colombia: After new findings, the Government of Change ratifies optimism regarding the country's gas resources

Bnamericas Published: Wednesday, January 25, 2023

By Minenergía

This is a machine translation of the original press release issued in Spanish

MinEnergía. Bogotá, January 25, 2023. After the announcement of new gas discoveries made by Canacol Energy, the Ministry of Mines and Energy confirms that Colombia would have sufficient resources for the country to move towards the Just Energy Transition, guaranteeing its energy sovereignty.

The Minister of Mines and Energy, Irene Vélez Torres, affirmed that the energy transition, a campaign promise of President Gustavo Petro and Vice President Francia Márquez, is a political commitment of the Government of Change to move from an extractivist economy to a productive one, based in clean energy, environmental sustainability and biodiversity to face the climate crisis.

According to the Minister, the "Balance of hydrocarbon contracts and resources available for the Just Energy Transition" of December 13, 2022, published by the Ministry of Mines and Energy and the National Hydrocarbons Agency (ANH), is not a report of reserves, but rather "a document that exposes potential figures to have proactive conversations, unify figures from the sector, understand which contracts are in phase zero and suspended and understand that, in addition to proven reserves, there are other resources from which the country would benefit."

The official reiterated that this document consists of a study on the current status of current contracts and the possible gas potential of the different discoveries that the operators have made.

According to what the Minister said, Colombia would have gas potential until 2037, with certified reserves and contingent resources. The Caribbean projects: Uchuva, Kronos, Gorgon 2 and Sinú 9 are gas discoveries that, if developed as expected, could guarantee Colombia's sovereignty and cannot be ignored.

"We celebrate the new discoveries of resources in the country and one way for them to become reserves is, in principle, to recognize that they exist and to understand that public policies are required to convert them into reserves and to be able to take advantage of them," said the Minister, adding that in order to the Government "it is absolutely necessary to make informed public policy decisions and that is why these analysis documents are important."

Vélez Torres recalled that the reserves report is indeed presented annually in May of each year by the ANH. “We are not supplanting that missionary responsibility; what we are doing is an analysis document,” said the Minister of Mines and Energy, Irene Vélez Torres.

"For example, and as already mentioned yesterday, January 24, the country received the good news of three new gas discoveries on the Caribbean coast by the company Canacol Energy. In fact, the President of Canacol, Charle Gamba, mentioned that this "demonstrates the great gas potential that we also have in new exploratory areas." Similarly, it is worth highlighting the findings made by the Clean Energy company in December 2022.

On the other hand, the gas potential of the Caribbean, which was included in the prospective analysis, is supported by entities such as Ecopetrol, for example, which in the framework of the V Oil, Gas and Energy Summit included the Uchuva project in its official numbers, 5,500 cubic feet of gas.

Similarly, the Balance of hydrocarbon contracts and resources available for the Just Energy Transition has been validated by the technicians who participated in its preparation, in the performance of their duties.

It is clear that neither the Ministry nor its Minister falsified the signature of any Entity official. Nor have they provided erroneous information on any number.

The aforementioned report is a document of an institutional nature that belongs to the Ministry of Mines and Energy and on page 2 there is a protocol recognition of the authorities of the sector, beginning with the President, head of our Government; the Minister and Vice Minister as portfolio leaders; and, finally, to those who collaborated in matters related to consultancy, information, design and layout.

Finally, it is worth noting that, to define the roadmap for the Just Energy Transition, the Ministry of Mines and Energy is developing multiple national dialogues, which ensure the participation of the diversity of voices that make up the country in the construction of one of the great commitments of the Government and they seek to recognize the proposals of all the actors in the sector in terms of sustainability and the security and energy sovereignty of the nation.

To date, 4 regional Social Dialogues have been held, 3 of them with ethnic communities (Riohacha, La Jagua de Ibirico, Cabo de la Vela with Wayúu communities), 3 technical dialogues with businessmen and associations of hydrocarbons, electricity, renewable energy and this morning the mining event will take place, and a National Dialogue that was held in Bogotá. Work days have also been held with unions in the sector, peasant and environmental organizations.

Additionally, for the construction of the National Development Plan, the perspectives, barriers and proposals around the Just Energy Transition that emerged from the work tables of the binding Dialogues were included.

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