Oil Reserves on the Rise
According to the National Hydrocarbons Agency (ANH), Colombia successfully replenished 105% of the oil produced in 2024. This means that for every 100 barrels extracted, 105 barrels were added to proven reserves. The proven oil reserves stood at 2,035 million barrels, marking a slight increase from the 2,020 million recorded in 2023—a positive variation of 0.74%.
With this outcome, the average lifespan of proven oil reserves reached 7.2 years for 2024, surpassing the 7.1 years reported in 2023. However, these levels are still lower than those observed during the post-pandemic period: 7.6 years in 2021 and 7.5 years in 2022. Compared to historical levels, there is a clear recovery: in 2018 and 2019, the reserves were at 6.2 and 6.3 years, respectively.
Gas Reserves Continue to Decline
In contrast, proven gas reserves continue their downward trend. For 2024, the average lifespan of gas reserves was 5.9 years, two months less than the 6.1 years registered in 2023. The decline is more pronounced when compared to historical figures: nine years in 2018 and 8.1 years in 2019. Although there was a slight recovery in 2021 (eight years), the downward trend has persisted since then.
“Proven gas reserves have decreased by 13%. Over the past twelve years, proven reserves have fallen by 64%, dropping from 5,727 billion cubic feet in 2012 to 2,064 in 2024,” stated Sergio Cabrales, a professor at the Universidad de los Andes.
Expert Analysis and Future Prospects
Cabrales attributed the reduction in reserves to the lack of expedited environmental licensing processes and preliminary consultations a decade ago. He noted that the opportunity to reverse this trend was lost in 2022 due to obstacles faced by exploration and the increased state involvement in the sector. Looking ahead, the ANH and the Ministry of Mines and Energy plan to establish an Institutional Hydrocarbons Committee for more efficient reserve management by 2025.
Key Questions and Answers
- What does the 105% oil reserve replenishment mean? Colombia successfully added 105 barrels to proven reserves for every 100 barrels extracted in 2024.
- How do proven oil reserves compare to previous years? The 2024 proven oil reserves stand at 2,035 million barrels, a 0.74% increase from 2023’s 2,020 million barrels. This represents a slight recovery from the post-pandemic levels of 7.6 years in 2021 and 7.5 years in 2022.
- Why are gas reserves declining? Proven gas reserves have decreased by 13% over the past year, and by 64% over the last twelve years. This decline is attributed to slower environmental licensing processes and increased state involvement in the sector.
- What are future plans for reserve management? The ANH and the Ministry of Mines and Energy aim to establish an Institutional Hydrocarbons Committee by 2025 for more efficient reserve management.
