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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.
