Colombia offshore basins: Development of natural gas resource has the potential to accelerate energy transition ambitions
Development of Colombia's basins in the Caribbean offshore offers a dual opportunity: to deliver new gas volumes to meet burgeoning domestic demand and also to contribute to the country's ambitions to reduce emissions in the short term and ultimately reach its net-zero goal by 2050. Domestic natural gas demand could grow an average 2% per year under this effort to green the energy matrix.
Gas discoveries in Colombia's northern offshore basins currently account for 44% of the total remaining recoverable gas resource in Colombia, notwithstanding relatively low levels of exploration compared with onshore; exploration within the South Caribbean Deformed Belt Basin has yielded an 80% exploration success rate. The emerging and frontier basins of this region may represent an attractive investment opportunity given Colombia's relatively benign investment environment for upstream companies.
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