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CANACCORD GENUITY CONFERENCE
‘Perspectives of Colombian Oil & Gas’
Armando Zamora ReyesDirector General
Bogota, January 2011
Contents
1. Background
2. Investment climate
3. Challenges
2
Colombia in South America:
Oldest democracy
2nd population : 45 million
2nd largest exporter of crude to US
3rd crude producer: 785,000 b/d (2010)
3rd economy : GDP: US$395 billion
US$8500/Cap (PPP)
3rd recipient of FDI : US$ 9.9 billion (2010)
- in oil & gas : US$ 4.0 billion (2010) (E)
4th Land surface area: 1.2 million sq km
- sedimentary (land): ~ 0.8 million sq km
- marine : ~ 0.9 million sq km
3
Oil in South America
Sources: BP Statistical Review 2010; ANH Analysis
Brazil
Colombia
Argentina
VenezuelaProduction
Reserves(Billion barrels)
12,9
2,5
(*) Production as of December 2010
Growing
Falling
2.437
2.029
785 676
495
0
1.000
2.000
3.000
Venezuela Brazil Colombia Argentina Ecuador
(12%)
(*)
172,3
6,5
Ecuador
2,0
Thousand barrels per day
4
Gas in South America
Brazil
Venezuela
Production
Reserves(Tera cubic feet)
12,7
Bolivia
Growing
Falling(*) Production as of December 2010
Sources: BP Statistical Review 2010; ANH Analysis
Peru
11,24,0 3,9
2,7
1,2 1,2 1,1
0
1
2
3
4
5
Argentina Trinidad & Tobago
Venezuela Bolivia Brazil Colombia
(7%)
(*)
Colombia
(2%)
Argentina
15,4
Trinidad & Tobago
200,1
8,5
13,2
Billion cubic feet per day
5
8,7
Reserves keep growing…
Oil Gas
1,542
1,478 1,453 1,510
1,358
1,668
1,988
1,000
1,200
1,400
1,600
1,800
2,000
2003 2005 2007 2009
Million barrels
Tera cubic feet
6
6,7
7,2 7,5 7,3
7,1 7,3
8,5
4,0 4,2 4,0 4,3
3,7
4,4 4,7
2,0
3,0
4,0
5,0
6,0
7,0
8,0
9,0
2003 2005 2007 2009
Recoverable Commercial
Oil Gas
… as does production
Oil Gas
2010
Average annual production
Average monthly production
500
600
700
800
900
1.000
1.100
1.200
500
550
600
650
700
750
800
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Million cubic feet
per dayThousand barrels
per day
800
900
1.000
1.100
1.200
650
700
750
800
850
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Million cubic feet
per day
Thousand barrels
per day
7
Million (Ha)
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010
0
20
40
60
80
100
2003 2004 2005 2006 2007 2008 2009 2010
Technical Evaluation Agreement
Production
Exploration
Open Round Colombia 2010
Exploration activity is intense
8
Licensing activity and seismic data acquisition at record levels …
0
5.000
10.000
15.000
20.000
25.000
2003 2004 2005 2006 2007 2008 2009 2010
Offshore
Onshore
Seismic:Km of 2D equivalent
9
7
1
78
0
10
20
30
40
50
60
70
80
90
100
2003 2004 2005 2006 2007 2008 2009 2010
Open Round Colombia 2010
Technical Evaluation Agreement
E&P
Association
No. contracts
… the highest number of exploratory wells and high success rates …
10
28
21
35
56
70
99
75
110
0
20
40
60
80
100
120
2002 2004 2006 2008 2010
No. of wildcats
10
40%
21%
48%46%
39%41%
48%
56%
48%
0%
20%
40%
60%
80%
100%
0
20
40
60
80
100
120
2002 2003 2004 2005 2006 2007 2008 2009 2010
Dry
Under test
Producer
Technical success rate
No. of wildcatsTechnical success
rate (%)
Source: Banco de la República
Investment
Historic FDI
11
0,000
1,000
2,000
3,000
4,000
2003 2004 2005 2006 2007 2008 2009 2010
Million USD
Third
quarter
2010 estimate
1. Background
2. Investment climate
3. Challenges
Contents
12
• A solid legal system
• Competitive fiscal system
• Significant unexplored potential
• Dual licensing process: - bidding processes- direct negotiation
• Proven economic stability
• A stable business environment
• Excellent geographic location
• Highly qualified technical and professional local work force
Colombia´s investment climate identity
13
Competitive, flexible government take (45 to 75%)
Sliding-scale royalties (8 to 25%)
33% corporate tax rate
Deductible local taxes
No remittance taxes
20-year stability contracts
A most competitive fiscal system
14
1. Background
2. Investment climate
3. Challenges
Contents
15
Challenges
• Administration of current contracts• Development of unconventional
resources• Transport infrastructure• Community consultations• Environmental licensing• Constitutional amendment on royalties
distribution • Community relations
• Social investment• Employment of locals• Roads• Salaries• Local politics
• Development of local content• Prevention of money laundering• Geopolitical presence
16
Thank you!
www.anh.gov.co
17
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