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.
Watch this quick video for more insight.
IHS Markit Connect users can access the full report related to this blog here:
This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.