Colombia's Energy Sector Investments to Reach $40 Billion Through 2015

Source:

". . .$24 billion will be invested through 2015 on new E&P activities."

Almost $40 billion will be invested in Colombia's energy sector during the next six years, the country's presidential press office said in a statement.

The oil sector will see the largest amount of energy investment, as $24 billion will be invested through 2015 on new E&P activities.

A total of US$7.2 billion will be spent on the expansion of the Cartagena and Barrancabermeja refineries.

New pipeline infrastructure, meanwhile, will draw investments of US$1.71 billion. Pipeline projects under development include Rubiales-Porvenir, Mansilla-Tocancipá, Tocancipá-Monterrey, Poxos Colorados-Barrancabermeja and Barrancabermeja-Cartagena.

The power generation sector will see investments hit US$6.50 billion through 2015, while US$1.90 billion will be invested in new T&D projects, the statement said.

"The government is seeing important indicators about upcoming investment," the head of Colombia's oil association (ACP) Alejandro Martínez said in a separate statement released by the presidential press office.

Seismic data acquisition had averaged 1,200km/y during the 1990s but rose to nearly 26,000km/y in recent years, said Martínez, adding that 14,000km of new seismic data would be acquired in 2009.

State oil company Ecopetrol, meanwhile, is likely to see its production increase 12% in 2009 because of ongoing investment.

Colombia will also remain self-sufficient in terms of oil at least through 2017 because of continued investment in the sector, according to the industry official.

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