Energy security from a business perspective, the Ecopetrol route

The world is constantly growing. The global population is increasing and this, in turn, raises the demand for energy. This scenario affects energy security, how is Colombia preparing to face this challenge in an economically and environmentally sustainable way?

 Energy security, simply defined, is the ability of a country to produce the energy it consumes. The Colombian state is working in coordination with the private sector to ensure the sustainable supply of energy. In the case of hydrocarbon reserves, both the public and private spheres must prepare to make efficient use of current reserves and promote the discovery of new resources.

One of the most important strategies that the country is developing to address the challenges of energy security has been led by Ecopetrol, an initiative based on what the company has called capital discipline (every dollar invested must yield the expected return), cash protection (considering cost efficiency), and reserve growth (with its respective increase in production).

[prefix_blockquote cite=»Felipe Bayón»]“In unconventional resources, we could be talking about between 2 and 7 trillion barrels of reserves, which would increase self-sufficiency”[/prefix_blockquote]

“At the center of the strategy are the transformation programs, which in the last three years have allowed us to save $8.8 trillion, and many of those resources are structural: in drilling, dilution, energy, water management, among others,” said Felipe Bayón, president of Ecopetrol, during his speech at the I Oil and Gas Summit.

Regarding the challenges of reserve growth and production increase (the key point of the strategy), the Ecopetrol executive stated that it is essential to consider aspects such as incentivizing exploration, as the country should conduct about 4,000 kilometers of seismic surveys and have more than 100 exploratory wells per year to accelerate the search for reserves. To achieve this, it will be crucial to promote enhanced recovery and exploration in unconventional fields, resources that Colombia must take advantage of and develop.

Additionally, the company is in the process of strengthening its operations in the Americas, with current production of 13,000 barrels in the Gulf of Mexico, its growing presence in Brazil, and a new strategy in the United States, all added to its activities in Colombia: in the Caribbean, the foothills, the Llanos, the Caguán, and Putumayo, among others. “What do we want to do? Increase exploratory activity and conduct about 4,000 km of seismic surveys every year,” he stated.

Achieving growth in production also involves factoring in unconventional resources. If the country currently has less than 2,000 million barrels of reserves, Bayón believes that in unconventional resources “we could be talking about between 2 and 7 trillion barrels of reserves,” which would increase self-sufficiency to 10, 17, or more years.

On this last aspect, the executive highlighted that the development of unconventional fields represents an opportunity as it could generate significant productive linkages, improve the prospects for professionals in the country, and help ensure Colombia's energy security.