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Post Info TOPIC: The ANH estimates Colombia to hold far greater unconventional reserves than previously projected


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The ANH estimates Colombia to hold far greater unconventional reserves than previously projected
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Colombia’s shale gas on
offer for the first time


Colombia has included unconventional oil and gas blocks into its latest bid round for the
first time as it attempts to attract more foreign investment


By Nnamdi Anyadike


Colombia is offering 109 blocks on offer in Round 2012, of which 31 are unconventional

The ANH estimates Colombia to hold far greater unconventional reserves than previously projected

 

Colombia’s series of international oil and
gas roadshows hosted by the country’s
hydrocarbon government agency
Agencia Nacional de Hidrocarburos
(ANH) reached London’s Park Lane
Hilton Hotel last week. Under ANH’s
new president, Orlando Cabrales
Segovia, Colombia is making a
determined effort to expand its oil and
gas output and has put 109 blocks – 98
offshore and 11 onshore – on offer under
its current Round 2012. The blocks are
divided up into Type 1, Type 2 and Type
3, depending on their maturity.
However, it is the inclusion of
unconventional oil and gas resources for
the first time that is making this round
such a landmark event. Of the 109 blocks
on offer, 31 are unconventional. ANH
has estimated that Colombia has a total
of 33.3 trillion cubic feet (943 billion
cubic metres) of shale gas reserves, 1 tcf
(28.3 bcm) of tight sands, 725.4 billion
cubic feet (20.5 bcm) of coal-bed
methane (CBM), 3 billion barrels of oil
shale and 3.45 billion barrels of oil sands.
These numbers are greatly in excess of
previous estimates and are the result of a
study carried out in 2011 for ANH by the
National University of Colombia. The
prospective basins for shale gas are
Eastern Cordillera, Eastern Llanos and
Caguan-Putumayo. “The Eastern
Cordillera Basin could easily have three
to four times the size of unconventional
resources that are contained within [the
Eagle Ford shale],” Segovia said.
Breaking new ground
So groundbreaking is the offer of
unconventional blocks in this round that
it has created problems with drawing up
a contract template. “Because this is the
first round globally to include shale in a
methodical way, no contractual model
existed anywhere for us to base our
agreements on,” said Segovia.
ANH is providing incentives for
companies to explore and produce from
the unconventional blocks. “We have
made adjustments to reflect the new
realities for unconventional oil and gas,”
Segovia told UOGM. “There will be a
40% discount for unconventional oil and
gas over the royalty rates established for
conventional oil and gas,” he continued.
“In addition, the new base price for oil
will be US$81, irrespective of API. This
compares with the current system of
between US$33 and US$50 depending
on the API,” he told UOGM.
According to the timetable, the current
round of roadshows is due to wind up in
Rio de Janeiro in April before returning
to Bogota, Colombia, when the data
rooms will be open. The bid documents
are expected to be submitted by June and
the qualification process will commence
the following month. Areas will be
awarded to the successful bidders on
November 26 and all contracts are due to
be signed by December.
The contract period will be split
between an exploration and production
period. For the conventional blocks, the
exploration period is six years evenly
split into two three-year phases. For the
unconventional blocks, the exploration
period is eight years split into two threeyear
phases followed by a two-year
phase. ANH’s technical advisor, Luis
Ardila, said that at a minimum, the
unconventional exploration phase should
include geological mapping for at least
50% of the block area, 2-D seismic,
surface geochemistry and two
stratigraphic wells with physical and
geochemical logs. In both the
conventional and unconventional cases
the exploration period is 24 years.
Attracting investors
Colombia is banking on its attractiveness
as an investment location to boost its
activities in unconventional oil and gas.
As of the beginning of this year, some
shale gas and heavy oil exploration had
already begun to take place in the
country, but it is hoped that the bid round
will give it a significant boost. “Our
macroeconomic policies are sound and of
late there has been a significant
improvement in our security. We are a
mature democracy and we are open to
invest and trade,” said Segovia...

http://www.cwccolombia.com/wp-content/uploads/2012/03/Unconventional-OGM-Week-12.pdf



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Colombia is the C in CIVETS nations, fast growing, emerging economies, with potential to explosive growth, in the next years, called, Latin Americas Emerging Tiger Nation, Colombia is a "must look at" spot on the global investors "next to do list" ...

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