Colombia details $900 mn natural gas expansion plans

Unconventional and offshore discoveries could underpin a seven-fold increase in Colombia’s gas supply over the next two decades, a new government report shows. Hydraulic fracturing projects would add 6.7 trillion cubic feet to available supply while offshore finds would contribute 3.9Tf3, according to the natural gas supply plan published by energy ministry planning unit UPME. The forecast considers a best-case scenario in which fracking initiatives begin production in 2021 and deepwater fields off the Caribbean coast would draw first oil in 2024. In its most optimistic outlook, new discoveries would add 23.7Tf3 of available gas between 2019 and 2040. Proved reserves currently stand at 3.2Tf3.

Source: Bnamericas