Gas Reserves in Colombia Will Last Eight Years
Energy attorney Inés Elvira Vesga commented for an article in El Colombiano about the current discussion in the Treasury about the future of contracts for hydrocarbon exploration in Colombia under the current government. Ms. Vesga pointed out that as long as there are new oil and natural gas exploration contracts, the volume of probable reserves will be analyzed to determine their approval. In addition, she stressed that greater investments and new exploration contracts are required for these probable reserves to be approved.
"In this case, 90% is due to the level of economic and technical success in recovering the hydrocarbon, for the probable ones it is 50% and for the possible ones it is 10%. The percentage lies in the level of maturity of each one of the projects, which are measured by production, operating costs, geological information, and technology," she explained.