In the Headlines
June 15, 2023

There Are Still 150 Million Hectares to Find Oil and Gas

El Colombiano

Energy attorney Natalia Suárez was interviewed by El Colombiano for an article about the areas available for hydrocarbon exploration in Colombia. The Minister of Finance, Ricardo Bonilla, recently asserted that the country does not need to sign new exploration contracts because agreements currently in effect already cover sufficient hectares for this task. Various analysts from the industry have answered in the contrary, stressing that Colombia still has many hectares to look for and produce hydrocarbons. Ms. Suárez highlighted that in the past, the National Hydrocarbon Agency published a land map that showed available areas for oil development. However, the map currently does not include this information, but it is not because the country does not have prospective areas for exploration.

"It is important to note that, in 2021 during the last cycle of the permanent process of the assignment of areas, the agency offered 28 available blocks, which shows that we still have areas that have not been assigned and that have the potential to be explored in search of resources that permit the production toward a gradual and responsible energy transition," she said.

READ: There Are Still 150 Million Hectares to Find Oil and Gas

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