The Colombian Petroleum Association (ACP) and the Chamber of Large Energy and Gas Consumers affiliated with Andi began an inter-guild work aimed at strengthening relationships, seeking common interests in regulatory and market issues, and achieving a permanent dialogue between producers and large industrial consumers that allows for the identification of growth opportunities in the natural gas market.
During the first Natural Gas Relationship Wheel, held on July 12, the Vice President of Economic and Regulatory Affairs of the ACP, Alexandra Hernández, presented the significant investment efforts in gas exploration and production, and the producers' outlook regarding the market.
Hernández noted that the investments made by companies in the sector in E&P allowed for around nine gas discoveries to be recorded during 2017, as well as a growth in the country's proven reserves during that same year. In addition to this, she highlighted that this year a greater production potential was recorded thanks to the entry of new fields and the mitigation of the decline of mature fields.
The Vice President of Economic Affairs of ACP said that today the country has greater competition associated with the diversification of supply sources, through new producers and fields. Likewise, she emphasized that in the future it is expected that the gas potential of Unconventional and Offshore Reservoirs will be developed.
“The challenge is to continue exploring and producing gas that generates royalties, taxes, and regional development for the country. The main incentive for this is market growth,” stated Alexandra Hernández.
For their part, the industrialists presented their perspectives regarding the market, the challenges to promote future demand, and the challenges to achieve a more competitive market.
After this successful inter-guild working day, the ACP and Andi agreed to continue working together to strengthen the natural gas sector.
Colombian Association of Oil and Gas