Latest news with #ANH
Time of India
30-04-2025
- Business
- Time of India
Colombian oil and gas group proposes measures to mitigate E&P drop
The main Colombian guild for oil, gas, and energy service companies proposed on Tuesday several measures to mitigate the drop in exploration and production (E&P) of oil and to take on the natural gas deficit in the South American country. Campetrol's proposed measures include declaring offshore projects necessary for future gas supply, adjusting contracts to spur increased production, and maximizing the lifespan of projects. Why It Matters The guild warned that high operating costs due to blockades, extortion, and labor regulations are compromising the sector's competitiveness and threatening the country's self-sufficiency in the short-term. Colombia partially relies on imported gas to fully meet internal demand. By The Numbers Colombian oil reserves fell 2.6% in 2023 to 2.0 billion crude barrels, 7.1 years' worth of consumption, according to the latest data from the National Hydrocarbon Agency (ANH). Meanwhile, gas reserves, which are key to securing President Gustavo Petro's desired transition to renewable energy, dropped 15.8% in 2023 to 2.4 trillion cubic feet, the equivalent of 6.1 years of consumption. Key Quotes "This is a rigorous and evidence-based proposal geared towards preserving the technical and economic sustainability of the sector," Nelson Castaneda, president of Campetrol, told reporters. Context After Petro took office in 2022, he suspended the signing of any new contracts related to hydrocarbon exploration, as his government seeks to move towards solar and wind energy and reduce the country's dependency on fossil fuels. The energy shift comes despite the export, tax, and royalty income that fossil fuels bring to the Colombian economy.
Reuters
27-02-2025
- Business
- Reuters
Colombia's first offshore wind energy auction lures global interest
BOGOTA, Feb 27 (Reuters) - Companies from around the world have proposed to develop 69 offshore areas in Colombia's first offshore wind energy auction, the South American country's National Hydrocarbons Agency (ANH) said on Thursday. WHY IT'S IMPORTANT The auction is a significant step toward President Gustavo Petro's goal of diversifying the energy sector and reducing dependency on oil and coal. The preliminary list of companies showing interest in the wind energy auction includes groups from Belgium, Britain, China and Spain, as well as Colombian companies, such as Ecopetrol ( opens new tab. KEY QUOTES "Once the suitability of the proposals is verified, the approved companies will be able to make offers on areas of interest, with the option of being awarded a maximum of two (projects)," an ANH statement said. BY THE NUMBERS The Colombian government aims to award projects that can lead to a minimum installed capacity of power generation of 1 gigawatt from the auction, with each project requiring a minimum installed capacity of 200 megawatts. The broader goal from Petro's administration is to reach 7 gigawatts of installed offshore wind power capacity by 2040. While a deposit for offers can be submitted through the end of May, a date for when projects will be awarded has yet to be made public.
