Colombia could add 300,000 barrels of oil daily via fracking

A report by Corficolombiana, based on data from the Ministry of Finance and Ecopetrol, suggests that Colombia could increase its oil production by 200,000 to 300,000 barrels per day through the development of unconventional reservoirs using hydraulic fracturing, or fracking.

Implementing this technology could help address the country's growing gas import needs and generate over $3 billion annually in exports. The report also highlights significant economic benefits, including the potential creation of approximately 20,000 jobs in exploration, production, and associated energy sectors. Furthermore, the development of these resources could impact public finances through taxes, royalties, and dividends from Ecopetrol, potentially representing between 1.5% and 4.5% of the national GDP.

Corficolombiana emphasizes that fracking presents an urgent opportunity to recover energy security and revitalize a sector vital for investment and fiscal revenue. The analysis notes that while previous administrations limited exploration, current technological advances and legal frameworks provide better conditions to manage risks and evaluate the country's energy potential.