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Colombian Oil and Gas sector

situation for actual and future
investments
Universidad del Rosario
Ingles para los negocios II
Presented By: Camilo Alejandro Lopez, Maria Alejandra Monroy, Miguel Angel Gonzalez and
Maria Lucia Duran






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CONTENT

1. Colombian Oil Sector
1.1. The evolution of oil industry in Colombia
1.2. Framework
1.3. Opportunities in the regions for players
1.3.1. Onshore
1.3.2. Offshore production
1.3.3. Offshore exploration opportunities and the stock market
1.4. Players investments
2. Colombian Gas Sector
2.1 Context of Gas Sector in Colombia
2.2. The Upstream process
2.3. Governments place in the process of Upstream
2.4. Governments place in exportation
3. Conclusions and recommendations
4. References and sources








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2. Colombian Oil Sector



1.1. The evolution of oil industry in Colombia
Colombian Oil sector has been always a representative portion of Colombians
economy; it is consider the principal motor of the development of the country and
pursuits the highest generation of profitability that the government and some
regions of the country desire.
The History of the petroleum in Colombia starts approximately in 1536 when few
people who were with Gonzalo Jimnez de Quesada (man who founded Santa F
de Bogot) discovered the existence of the petroleum in Colombians floor, they
called it oro Negro. In the XVI century, native people used the petroleum for their
diary labors such as cooking and also for medical purposes (Asociacin
Latinoamericana de la industria del petrleo). The tools to extract the petroleum


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were so basic and all the machines were not enough to take out and transform the
petroleum in an effective way.
In the middle of XIX century, near Barranquilla two people who were leaders of
exploration did the first petroleum well that reached a production of 50 barrels
every day.
Gradually, many people started to see in the petroleum a big potential so they
decided to explode without having limits so the government decided to deal with
this situation. Until 1903 in Rafael Reyes government, he imposed some rules to
regulate all the activities that were involved with the petroleum. Two years later, the
government established a decree #34 that provides the powder to the executive
branch to deliver petroleum concessions. (Programa de regionalizacin Sector
Hidrocarburos)
Immediately, a lot of organizations started the process of asking for concessions to
explore and extract oil.In 1909 was created the first petroleum refinery named
Cartagena Oil Refining Coand ten years later in 1919 Tropical Oil Company
received the first concession. In response to all the limitless deliver of concessions
provided by the government, the population in some cities reacted in a negative
way due to environmental effects that started to appear.


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Through the years the production inside the country has been increasing in a
tremendous way, but always the government tries to control all the activities that
are involved in the extraction and production of petroleum because it is not only a
business that manages a lot of money and people, but also there are many illegal
practices that a lot of people used to do.
This period was related to a number of important reserve discoveries (over 500
MMBO per field), and intensive exploratory activity. The discovery of giant fields
such as Chuchupa(1973), Cao Limn (1983), Cusiana (1988) and Cupiagua
(1993), placed Colombia in the spotlight for the most important oil multinationals,
despite the unfavorable contractual terms (Echeverry, 2008) as reported by Juan
Carlos Echeverry an investigator who have been studying the evolution of oil in
Colombia the technology played an important role because the implementation of
it, will guarantee a higher production.



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Along XX century, this industry sufferedseveral difficulties to find the petroleum
itself and also faced legal, political, social and economic conflicts (Garca, 2002).
Farc attacks were very usual, the security in all the country was vulnerable, and
this produced a preventive action from many investors who were interested in oil
explorations. Territorial control, extortion, kidnappings, contraband and 'political
messages' drive these groups (Latinvex).
But at the same time, the government was conscious about the security problem
that Colombia was having. This causes huge impacts on the economy because the
government was practically pushed to low taxes dramatically to attract different
investors, especially the foreign ones. This obviously, generate a rejection from all
the Colombians because they felt that the oil that was consider a source of wealth
was given as a gift to all the companies that arrived in Colombia interested on its
production.
The oil revenue is income (charged to the public oil company, while it was state-
owned, and to foreign partner companies) which has zero or low domestic political


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cost, since it is not levied on the capital or income from other sources and
activities. This income allows higher public spending than would result from
astringent taxes and fiscal policy, characteristic of macroeconomics in Colombia. In
principle, if consumption is not triggered, with lower tax rates, there would be
greater savings and productive investment. It could be argued that productive
investments could be directed at expanding domestic production capacity to
penetrate global markets in goods for which competitive capabilities have already
been demonstrated, and for new products for which new capabilities have been
generated. Thus, the weight of Colombia in the global marketplace and in that of its
most consolidated trading partners will grow, or at least not shrink.(Ecopetrol)
In this actual century, the Oil industry faces new challenges. In 2003 the
restructuring of the Colombian hydrocarbon sector was consolidated with the
creation of the AgenciaNacional de Hidrocarburos - National Hydrocarbons Agency
- as a response to the critical situation Colombia went through due to the decline in
oil reserves, which eventually lead the country to import crude oil. See Decree 1760 of
2003.(Agencia Nacional de Hidrocarburos)
From 1993 to 2006 the reserves were consumed. With the momentum of the
international price increases of 2008, the country has somewhat recovered the lost
reserves, while production rises.(Ecopetrol)
Farc influence
It is not a coincidence that in the world every place that contains the most
important natural resources is fully invaded of violence, war or terrorism. In this
case, Colombia is not the exception. The country has a lot of violence but at the
same time it is known that at some point it is beneficial for big companies to invest
in a country where the violence is present.
It is little bit shocking to read this but in some way Farc attacks to the oil plants
seems to be so aggressive and prejudicial for the country and the organizations but
in the bottom of the situation it is good for the foreign companies because this is a


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perfect excuse to force the government to low the taxes due to Farc attacks and
terrorism.
Over the first six months of 2014, attacks by rebels and criminal bands on oil
infrastructure in Colombia totaled 64 bombings, down 44% from the 113 attacks
over the same period in 2013, according to a study released Wednesday by
Hernandez's Agora Consultorias.

But Hernandez said attacks have picked up in recent weeks and noted that the
effect of the bombings has never been more negative.

"Despite the reduced number, the [negative] impact has been the most significant
in history," Hernandez said, pointing to the impact of Cano Limon pipeline's
shutdown. The lengthy Cano Limon closure was also extended by an indigenous
community's refusal to allow repair crews on its reservation to restart the line until
certain conditions were met. (Devold, 2013)
Even though it looks scary to get involved close to Farc places in Colombia for oil
extraction, there is a way (obviously not legally) to talk with those people and allow
the company to work in that region without problem, because at the end they are
the main responsible of pushing the government to low taxes, so it is so attractive
for investments getting into the business.

1.2. Framework
Colombia, in the recent years, has had an expansion in the petroleum sector.
Economical politics of the government have given high importance and facilities to
the external capitals to exploit the resources and produce the multiple derivations
of oil; National corporations, such as Ecopetrol, partly private and public (state


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participation of the 88,5%) have taken advantage of the so called railroad of the
progress
1
.
The weight of Ecopetrol within the national petroleum sector increased of 66% to
73% between the years 2000 and 2006, the projections, back then, estimated a
lower dependence to the petroleum sector in the gross national product through
the years, due to the diversification of the Colombian economy; nonetheless,
actually, within the total exportation of oil and its derivates are the most important
entry in the GDP, heading 1/6 percent of its total in the year 2011. The influence of
the sector extends to exchange and financial markets, as well to the tax sector.
As a consequence of the investments and the focus in the energetic mining sector
of nowadays, according to the ACP (asociacin colombiana de petroleo) the oil
sector represents to Colombia half of their total exportations, the third part of the
foreign direct investment and fourth part of the current income of the national
government. The income that come from royalties, taxes and dividends of
ecopetrol are the main funders of the state programs.
The next image represents the quantity of investments that has been made in the
petroleum sector in relation of other economic sector. It can be appreciated that,
given the importance of the sector in the entire national economy, the percentage
since the years 1999 is increasing.


1
One of the five sector coined by the president Santos, to achieve a high economic development


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Additionally, in relation with the behavior of the oil sector environment; the quantity
produced annually since 1922 of raw oil barrels by Ecopetrol, correspond to the
following image:


As noticed, the evolution of the sector is exponential, not just only by the company
but the entire industry on account of the development in the area; specifically it has
grown rapidly since 2007. In relation with their competitors, there is a huge gap
between the quantity produced by Ecopetrol and the others as shown in the next
image. The three major competitors in the Colombian petroleum sector are
Ecopetrol, Meta petroleum cop. (subsidiary of Pacific Rubiales Energy which
operates the Rubiales oil field, Pirri and Quifa) and Occidental de Colombia LLC;
those three companies represent the 68% of the total production in the country.
9%
16%
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7% 3%
-34%
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20% 21%
16% 16%
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Inversin sector petrolero Inversin resto sectores % sector petrolero


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Additionally, the quantity of oil fields discoveries rose up in the last decade; by the
year 2012, about the total of drilled grounds, 58 resulted dry, 28 continue in test
and 45 have a discovery announcement. In the 2013, 44 resulted dry, 32 have a
discovery announcement and 39 are still in test. The results of the year 2014 are
up to 21/05/14


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1.3. Opportunities in the regions for players
1.3.1. Onshore
Meta is actually the main oil producer in the country. At 2012 there were 8
companies installed in the region with a total production of 407,219 daily oil barrels
Casanare count with the mayor participations of players in the sector, with an
amount of 23, the total oil barrels correspond to 144,453, is the second mayor oil
producer in the country
Arauca rank third in oil production in the country. Count with one of the oldest oil
production well: Cao limn, which has produced more than 1.000 millions of oil
barrels since was opened, has a total of 79.775 daily oil barrels produced.
Santander counts with the Barrancabermejas refinery, the most important in the
country; occupy the fourth rank in oil production. There are 8 companies installed
and a daily production of 50.558 oils barrels
Huila is the fifth oil producer, this region count with reserves located in the central
mountains. There are four companies in the regions and a total daily production of
43.502 oil barrels


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Putumayo is the seventh oil producer; it counts with reserves located in the border
with Peru in the Amazona, also count with a high exploratory activity. There are 6
companies and a total production of 34.954 daily oil barrels.
Cundinamarca ranks fourteenth in oil production, there are 3 companies installed
and a total production of 925 daily oil barrels
1.3.2. Offshore production




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As seen in the previous images, there is a potentiality of offshore in the Caribbean
coast and in the Pacific Ocean; taking into account that there are calculated
reserves for about 7 years, an increment of 30% of the global energy demand and
a dependence of 25% of the national economy with the hydrocarbons production,
there is a necessity to develop and rise the production and the exploratory
perforation offshore. According to the vice ministry of mines, the offshore
exploration is one of the four axes of the politics to increment the oil reserves
Accordingly, the government by the hand of a structured conpes (national council
of economic and social policy) looks for the organization of the offshore industry,
specifically in its development, besides analyzing the economic and tax conditions
to promote a national and international offshoring production, as said by the
president of hydrocarbons national agency (ANH), Javier Betancourt.
Pursuant to Eduardo Rodriguez, president of Shell Colombia, to maintain a daily
production of 1 million oil barrels it is necessary to find approximated reserves of
365 millions of barrels, the equivalent of a field such as the Rubiales, every year.
Although there are geologic and environmental risks to take in account, by the
other hand, there is a positive impact for the communities in terms increasing the
quality of life and employment, and improve of the regional infrastructure, a rise in
maritime trade and a technologic development. In addition, the ACP has gathered
preliminary data to affirm that the offshore potential could be up to six times the oil
reserves that Colombia has actually onshore.

1.3.3 Offshore exploration opportunities and the stock market
It is widely accepted that, as mentioned before, the advances in terms of offshore
production most be consequent with the involved parts, taking into account the
community, their context and their response to their duty. The exploration
development in this area most be performed in a responsible and a friendly
environmental way; so are the huge requirements of capital to make them real.


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The biggest players in the oils sector in Colombia, Ecopetrol and Pacific Rubiales,
have gained access to the stock market, locally and abroad, to finance their off
shoring projects.
To make an example of the inclusion of the stock market in the sector, it is
necessary remitting to the European Union, in which most part of the hydrocarbons
are produced in the North Sea. Big companies obtained the licenses to explode the
sea and attended to the London stock market in order to finance themselves
though bond emission. The advantage of getting in the market stock is that permit
the company to obtain the proper technology to explore adequately, the proper
infrastructure and the proper resources in order to be effective.

1. 4. Player investments
Pacific Rubiales
At 2013, the Canadian company announced the acquisition of the oil company
C&C energy, the arrangement was done in exchange of 0,3528 community sharing
by one share of C&C, about 22,8 million shares of Pacific. Once the operation was
closed, the executives of the company created the company of oil exploration
Platino Energy group, which administrate the interest of C&C in the blocks Coati,
Andaquies, Morpho y Putumayo.
With this acquisition, the company attached 4 new blocks to their production
portfolio in the country, all of them located in los llanos. Is pending the approval of
the ANP (Asociacin nacional de petroleo) of an offshore proyect in the Cuenca
los santos
Concluding, there is a huge investment in the sector that represents an increment
of 25% compared with 2013
Ecopetrol


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According with the board of directors, the investment plan for the present year will
be to invest a 95% of the total investment in the country; in which a 65% will be for
exploration and production, 61% to projects (included the offshore projects) and
39% correspond to projects of their subsidiary companies. For the next year is
planned to drill 20 exploratory wells in which 13 will be in los llanos orientales, 2
wells in the Caribbean offshore, 2 wells in Huila and 3 wells in the north: Cesar,
Antioquia and Norte de Santander.

2. Colombian Gas sector



2.1 Context of Gas Sector in Colombia
Since 1961 Colombian legislations In the earliest 70s Colombia started to provide
the domiciliary natural gas service to the population who lived near to the gas
deposits, which in that time were located in the Atlantic Coast(place wherethe first
pipeline was constructed), Santander, Huila and Meta. In 1986, Colombia
stablished its first plan to unite the service by making pipes connections through


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the country, which was called Programa Gas para el Cambio, because there was
the need to start a new. This process failed due to the low volume of gas and bad
infrastructure of the time, and it was until de 90s that the Plan Masificacin de
Gas promoted the construction for the big network of the Colombian gas
distribution, which takes the gas to the principal cities in the country.
In the last decade the Gas sector has improved in many ways, the process is more
efficient, there is more knowledge of the deposits around the country and more
actors are included in the process.For the year 2005, there were only 18 known
sedimentary basins, in recent investigations the ANH, which is the national
hydrocarbons agency in Colombia and is the organization in charge of the
administration of gas and oil sector, have said that there are 23 sedimentary
basins, where the Guajira inshore and offshore and the Llanos orientales are the
most important places of gas extraction. Its also important to clear out that in the
past only one government organism, the Ministry of Mines and Energy, had control
of the entire sector, but since the 90s, other organizations were made for having
an specific control on the gas. Example of this are the CREG (or commission for
energy and gas regulation), in charge of the regulation, SSPD (Superintendence of
public services), which supervises the industry, and, the already mentioned,
ANH.These organizations are in charge of making the Colombian Gas a more
competitive product in the international and national markets, and that it
accomplish with national and international regulations for its production and
distributing process.
The next graph can evidence the improvement of the production of this mineral
through the decade.


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Taken form: ANH
2.2 The Upstream process
The upstream process is the initial work made by the companies when they have
interests in going to draw the gas or/and oil in a basin in a specific territory. This
process starts with making a contract with the government for allowing the
company to explore the zone and extract the mineral. After it comes the official
exploration, the evaluation and development of the place and finally the extraction
or production of the mineral .In the next diagram it is shown how the upstream
procedure goes on:
Diagram 1. The Upstream process

(Lopez, 2011)
1. Contract
Having the goverment permission for exploring a chosen
territory.
2. Exploration
Gather information of the allowed area.
3. Evaluation and development
Make an evaluation of the possible profit.
4. Production
Extraction of the resource.


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This procedure in Colombia has started to have more international companies
interested in the extraction of gas in the country subsoil, due to the less control of
the mineral from the state and the profit having with this mineral between the parts
in business.
The next graphic shows the production of the Colombian gas in the year 2013,
showing the data in millions of cubic feet per day:
Taken form: ANH
2. 3. Governments place in the process of Upstream
The government gives two different ways to start the upstream. First there is the
concession process in which the company dealing in the procedure has an
approximate net profit of the 55% of the total gain and the government takes
estimated the 45%from their land rights and the taxes. The second system is a
shared way where the contractor takes about the 35% and the government takes
around the 65% (Ecopetrol, 2011). Obviously the difference between both is the
responsibilities of the whole project, for the concession the company who will be in


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charge have to be responsible of all of it, and for the shared way both parts must
take the responsibilities.
The percentagesfor this procedures can vary depending on the decisions the
government make about the percentages in the Land rights, which can vary from
12% to 15%, the taxes, which goes from 20% to 38%, and the payments to the
rights given by the AHN, which goes from a 1% and a 31% (Ecopetrol,
2011).Examples of both procedures are show in the diagrams below, which were
translated from its original version.
Diagram of concession system process
(Lopez, 2011)




Proyect Contractor Government

Gross Income 100,0 100,0
Royalties 20,0 20,0

Net Income 80,0
Operating costs 30,0 -30,0
Depreciation, depletion and 15,0 15,0
amortization

Taxable income 35,0
Taxes 11,6 11,6
Net profit 23,5 23,5

70,0 38,5 31,6
55% 45%


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Diagram of Shared system process
(Lopez, 2011)
2.4 Government place in exportation
The Colombian government has some laws which they make accessible the
exportation of the gas and gives some guaranties for the exporters. In the article 24
of the decree made by the president of the republic in June of 2010, there are
some points to evaluate the permissions and the rights an exporter has. Initial the
for taking the product out you have to make a Business plan, which have to be
approved by the ministry of Mines and Energy in less than three months, if its
correct with what this ministry wants. After that there is a preliminary acceptation of
the plan and the exporter must make an auction for the gas they want to export.
Finally if the exporting company hassome reserves from what they show in the
Business plan, they will have to make a new Business plan and make the same
process form the start but it will only be approved in one month.

Proyect Contractor Government
Gross Income 100,0 100,0
Royalties 20,0 20,0

Net Income 80,0
Operating costs 30,0 -30,0
Depreciation, depletion and 15,0 15,0
amortization

Taxable income 35,0
Contractor participation (40%) 14,0 14,0 21,0
Taxes 4,6 -4,6
Net profit 9,4

70,0 24,4 45,6
35% 65%


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Main players

Lately, in Colombia there has been a lot of investment in the energy sector. Some
of the companies, which operate in the industry, include some major gas
corporations such as Canacol Energy, Chevron, Drummond Ltd, Interoil Colombia
Exploration and Production, Well Logging S.A.S and Ecopetrol.
Colombia is a very attractive country to investors since it is consider to be situated
in a strategic place, which is a benefit because the land is rich, is renewable and
non-renewable resources. The following is an explanation of the mentioned
multinational accomplishments in Colombia.
La Guajira, in the northern part of the country, is the main place of gas
explorations. Firms such as Chevron, have many activities in the offshore
Chuchupa in La Guajira. In 2003, Chevron reported a net daily production
averaged 216 million cubic feet of natural gas. They received 43% of its
production. This is a clear example of the importance of this type of businesses in
the country, mainly in the northern part.
Canacol Energy is another example of successful gas investigations in Colombia.
Actually, they have 23 contracts all over the country in order to fulfill their
exploration and production expectative. Canacol is confident of Colombias gas
potential future, they are working on a project known as Colombia Shale in order
to take advantage of the land.
On the other hand, a problematic enterprise in Colombia is Drummond Ltd.
Actually, they have 2 contracts with the government to explore and produce
petroleum and gas in the departments of Magdalena and Cesar. They assure they
are accomplishing their objectives in Colombia even though they have had some
problems. The latest trouble was a consequence of a carbon spilled over Santa
Marta bay while they were transporting their products by boat.



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The largest energy company in the country is Ecopetrol. The chart below illustrates
the production level in recent years. As it is shown, it is growing day by day.

Petrleo y Gas 2006 2007 2008 2009 2010 2011
Petrleo operacin directa Ecopetrol
(Kbpd)
157 151 172 198 248 293
Propiedad de Ecopetrol (incluye regalas) 316 327 362 426 482 670
Petrleo Ecopetrol y socios (Kbpd) 528 525 564

Produccin diaria de petrleo
total en el pas (Kbpd)
529 531 588 671 786 914
Produccin Gas Natural (Mpcd) 699 729 874

Gas natural propiedad Ecopetrol (Mpcd) 383 411 486





Ecopetrol participates in many departments of the country, which makes them the
leading company. They have support from the government due to the importance
of their activities.


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In 2012, Ecopetrol registered high sales, which represented the 34% of Colombias
international sales and 48% in the energy sector sales. As a consequence,
Ecopetrol finances are one of the most important in the country due to its relevance
in the economy. As said, it is the main company in the sector, which profits
represent 1,7% of the national GDP of Colombia.



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Due to Ecopetrols importance in the country, international companies try to ally in
order to enjoy of this companys benefits. In the following chart, it can be seen the
multiple treaties in which they participate. They work in different ways all around
the country exploring and producing. They try to low their costs by using high
technology in all their procedures.


On the other hand, one of the most important problems of multinationals in
Colombia is the rebel group FARC. They attack multiple enterprises by destroying
their products while these are being transported. Colombian government has tried
to stop this but it isnt enough. Last week, FARC destroyed Ecopetrols materials


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as informed by the authorities. This complication may not be in favor of investing in
Colombia. Even though, companies like Ecopetrol are an example of prosperity.
Year by year, Ecopetrols profits are increasing and their distinction in Colombia
too. In 2013, they were chosen as the most admired company in the country. As a
consequence, many investors have decided to join Ecopetrol.
The procedure starts by deciding where to explore. If they think the land is
adequate, they start to drill. After drilling, they remove the materials and it starts to
pass through a special process. Then, they transport the final product and
distribute to each of their buyers.
These companies are important in daily life. Gas uses are various; many of us are
not informed of some of them. Gas is used in refineries, glass production, mines,
food and textile sectors. Ecopetrols production is reported to be one of the most in
Latin America.
Pacific Rubiales is another of the main companies in Colombia. As they have
enough products to satisfy their needs, they will start exporting next year. Their
activities are in the north of the country as well. Since next year, half of their
production will be exported while the other 50% will be set in the local market. In
their exploration, they have find potential places offshore and onshore Sucre. They
will have to build an infrastructure to be capable of extracting all of the gas they
need.
On the other hand, the natural gas is very important all around the world. As
shown in the graph, global demand has been increasing in recent years.


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3. Conclusions and recommendations
It is very important to recognize that both activities are very important for the
Colombian economy, despite there is less intervention of the government in this
sector, so the international companies get more interest in the investment of the
production in the country. For a new company who wants to come the country
have to take into account the two contract process with the government to start
an extraction of the, so they look the real profit they will want to get.
The option to export the product needs to be in consideration, due to the fact
that is a at least a 6 months process, so we recommend to start the production
for selling in the inside market, and then mean while the extraction take the
opportunity to start the business plan process.
A company will be able to achieve their goals in the investment plans because
Colombia has many resources to satisfy their needs.
Rebel group FARC will be a disadvantage but actually the government is
trying to stop their actions.
International enterprise will have support from nationals such as Ecopetrol.


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It is important to recognize that this sector doesnt work by its own; there are a
lot of external influences that affect the development of this sector such as local
and international companies (Ecopetrol, Pacific Rubiales), the government and
the society itself. It is important to guarantee a healthy and good relationship
between all this influences because they necessarily need to cooperate
between themselves to achieve big goals.
The oil sector, despite shrinking substantially in recent years, is still crucial to
the Colombian economy because it works as a way to measure the advances in
the industry and also many Colombians depend exclusively to this economic
activity.
Gas and oil production generates a lot of social impacts inside the country; it
depends on each perspective if they are good or not. A lot of people reject all
this industrial activities because of the environmental impact and obviously it
affects their health. But in the other hand, people are receiving job from the
companies, so it allows families to give their kids education and social stability.
So this situation is surrounded by many moral views.

4. References and sources

ACP. (2010, 06). Proyecto Decreto que busca estabecer lineamientos de la poltica
del mercado de gas natural en Colombia.Retrieved 08 21, 2014, from
Regulacin Gas natural: http://www.acp.com.co/index.php/es/petroleo-y-
gas/asuntos-economicos/gas
ANH. (2014, 08 11). Produccin Mensual de Petrleo. Retrieved 08 21, 2014, from
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