The Ministry of Mines and Energy and the National Hydrocarbons Agency – ANH, report that as of December 31, 2016, the proven reserves of crude oil were 1,665 million barrels.
Meanwhile, contingent resources (estimated amounts of oil potentially recoverable under favorable market conditions) grew 36% according to the statements made by the operators to the ANH. In 2015 the proved reserves were evaluated with an average WTI price of USD 50.28 per barrel, while for 2016 they were evaluated with an average price of USD 42.75 per barrel, where there was a first quarter with prices below USD 30 per barrel, reflected in the final average.
Today there is a price for the first quarter of 2017 around USD 50 per barrel, generating confidence in the operators for the revival of the development of the producing fields. The exploratory wells that have been drilled until April 30, 2017 already exceed those drilled throughout 2016; This reflects the recovery in investment and confidence in the sector.
“Thanks to the recovery of international prices, the activity would continue to recover. Between exploratory and developing activity, 503 wells are expected to be drilled in 2017, a figure that represents more than 108% of what was recorded in 2016 (242).
It is noteworthy that in terms of the single exploratory activity, 25 wells have been drilled in 2017, a level that exceeds what was observed throughout 2016. “The Minister of Mines and Energy, German Arce Zapata, assured. The relationship of Reserves – Production (R / P) for crude oil is 5.1 years, with the production levels of 2016, production levels that guarantee not only the refinery load, but also the export surpluses that the country requires.
With respect to the country’s proven gas reserves, they were at 4.02 cubic terapiés (Tpc) at the close of 2016, which represents an R / P ratio of 11.17 years. “The stabilization of crude oil prices around USD 50 per barrel will allow most companies to undertake, during this year, the exploration and development tasks that guarantee us to increase reserves and maintain production levels above 850,000 barrels per day, ”said Orlando Velandia, president of the ANH.