Expert Committee Supports Fracking Pilots In Colombia

Instant Max AI

(Kallanish Energy, 18.Feb.2019) — Colombia could be a step closer to allowing producers to start hydraulic fracturing (fracking) pilot projects, after an independent expert committee analysed the risks and rewards of the procedure, Kallanish Energy learns.

A 13-member committee, including 11 Colombian and two foreign experts, last week introduced a three-month study on the proposing fracking plans in the Magdalena Medio region.

The South American country could go ahead with fracking pilots, but a number of conditions and monitoring would need to be met and put in place, it said.

The group sent a document to the Colombian government saying the projects should be strictly monitored and transparent, having the involvement of the community and independent experts.

The positive response was given after an analysis of geologic, seismic, environmental, economic and social risks from the proposed activities. Said analysis was based on the exploration phase of exploration and production only.

Colombia’s state-run oil company, Ecopetrol, is seeking permission to begin unconventional exploration in an area estimated to hold between 2 billion and 7 billion barrels (BBbl) of oil. This is roughly three times the amount of the country’s current crude reserves.

The government is yet to make a decision on the three proposed fracking pilot projects, but Colombian President Ivan Duque has shown support for fracking. He convened the commission last year to study the technique. The Colombian oil industry sees in unconventionals a great opportunity for the country to tackle its declining domestic hydrocarbons output.

Colombia’s oil producers association ACP, estimated in 2018, the country could frack its first barrel in 2024, reaching a daily volume of 43,200 barrels per day (Bpd). Production would gradually increase to 123,000 Bpd by 2028.

Ecopetrol, however, hopes fracking development to take place at a more accelerated pace.

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