Colombian production rebounds post-pandemic

Undeveloped basins, minimal industry competition and gas supply imbalance are notable tailwinds even as windfall taxes loom large

Colombia-focused E&Ps are guiding healthy production growth heading into 2023, despite recurrent blockades by local and indigenous groups and an oil-price-pegged windfall tax that may discourage investment in replenishing the county’s already waning gas reserves. Colombian state oil and gas firm Ecopetrol posted 3.2pc production growth in the first three quarters of this year. National production “continues to grow, reaching 720,400bl/d oe by Q3 2022, the highest on record since Q2 2020 and places us at the high end of the target range set for 2022,” says Alberto Consuegra, COO at Ecopetrol. The firm also expects to drill a total of 24 exploratory wells by the close of 2022. In Q3, a dis