10:34 AM
Campetrol’s latest report on drilling and oil production reveals that foreign direct investment (FDI) In this sector, it fell by 28.4% in the first quarter of 2024, totaling 575 million dollars, according to the Bank of the Republic.
This drop is equivalent to 229 million dollars less, compared to the same period last year. Furthermore, the oil sector only represented 16% of total FDI, 4 percentage points less than in 2023.
Read also: Ecopetrol is close to paying dividends, what will happen to the shares?
On the other hand, Fiscalized oil production in April 2024 rose to 789.9 thousand barrels per day on average, an increase of 1% compared to April 2023 and 1.3% compared to March 2024according to the ANH, thanks in large part to the Indian field in Meta.
For its part, lNational gas production reached 1,001 million cubic feet per day (Mcfd), 3% less than in April 2023, although slightly higher than March 2024.
As for the drills, The rig count in May 2024 was 109, down 13.5% from the previous year and down 1% from April 2024. Of these, 32 were dedicated to drilling and 77 to workover.
Read also: Oil, gas and coal consumption will remain high worldwide, casting doubt on the energy transition
Nelson Castañeda, executive president of Campetrol, commented that This decrease in FDI reflects the situation of the sector, which has not yet exceeded 2019 production levels.
“The significant 28.4% decline in FDI is a sign of the situation of the sector, even in the face of global challenges. Well drilling activity continues at the same levels and National oil production has been improving without exceeding the volumes recorded in 2019 when it fluctuated between 857.1 thousand average barrels per day and 899.0 thousand average barrels per day,” said Castañeda.
Exports of oil and derivatives between January and April 2024 reached 4,909 million dollars1.1% more than in the same period of 2023, representing 31.1% of total Colombian exports.
You may be interested in: “Colombian-style” energy transition, the ACP reveals details of how oil is not an obstacle
However, In May 2024, the price of Brent oil fell by 9.1% compared to April, standing at $81.8 per barrel due to global economic concerns and conflicts in the Middle East. Despite this, Brent was up 8.3% compared to May 2023.
