Colombia 'to take action' as oil and gas reserves dip

The lifespan of Colombia's hydrocarbon reserves fell in 2023 amid rising concerns about a looming natural gas deficit. 

Proven oil reserves stood at 2.019Bb (billion barrels) on December 31, down from 2.074Bb a year earlier, while the figure for natural gas dipped to 2.37Tf3 (trillion cubic feet) from 2.82Tf3, officials said on Friday. 

The volumes reflect self-sufficiency of 7.1 years for oil and 6.1 years for gas, down from 7.5 and 7.2 years, respectively, a year earlier. 

Hydrocarbons agency ANH said natural gas supply, in particular, had been impacted over the past decade by a lack of new discoveries and surging demand. 

"We have to take action now to compensate," ANH president Orlando Velandia told a news conference.

He added that Colombia's current reserves replacement rate stood at around 80%. 

Energy minister Andrés Camacho insisted the government was taking steps to increase contingent resources and avert possible shortages in the medium term. 

"It's our commitment to accelerate and carry out a fair energy transition, which allows taking advantage of the country's opportunities to transform energy into economic development," Camacho told the news conference. 

He pointed out that a third of the 48 discoveries made in Colombia over the past decade had been during the current administration, which began in August 2022. 

Industry stakeholders, however, have criticized the government's decision to raise taxes on oil producers and the suspension of rounds for new exploration licenses.