Colombian oil and gas rig activity is poised for an uptick in the coming months, driven by a surge in offshore exploration and the anticipation of continuing price increases. According to a recent report by industry group Campetrol, there were 108 active rigs in Colombia as of March, a number consistent with the previous 20-month low. However, projections indicate a gradual increase to 110 rigs in April, 112 in May, and 113 by June.
Campetrol's latest upstream analysis attributes the steady figures for February and March to a balance achieved by the completion of two campaigns in the regions of Putumayo and Cesar, paired with the commencement of two new operations in the Meta region. One key development to watch is the planned drilling of the Uchuva-2 well in the offshore Tayrona block during May, a collaboration between Colombia's national oil company, Ecopetrol, and Brazil's Petrobras.
Further exploration activities include the drilling of the Buena Suerte well, also located in the Tayrona block, by the same partnership. Additionally, Ecopetrol and Occidental Petroleum are set to initiate drilling at the Komodo prospect within their shared Col-1 block. In parallel, there are escalating plans by Ecopetrol and its partner Shell to advance the development of gas finds in the Col-5, Fuerte Sur, and Purple Angel offshore blocks.
Earlier in the month, the US Energy Information Administration updated its 2024 full-year forecast for Brent crude to $88.55 per barrel, an increase from the previous year's $82.49. This adjustment is largely due to ongoing geopolitical tensions and significant reductions in oil inventories.
In March, the breakdown of the 108 active rigs included 32 drilling units and 76 designated for workovers. It was noted that one drilling operation was disrupted due to public disturbances in the central-eastern part of Meta. Aside from pandemic-related disruptions, this marks the lowest operational count for drilling rigs in Colombia since June 2017.
Campetrol, representing 140 oil equipment and service companies, also highlighted that Colombia's gas imports reached 375 million cubic feet per day (Mf3/d) in March, up from 232 Mf3/d in February, with an average import rate of 276 Mf3/d from January through March. This marks a significant increase from the mere 3Mf3/d imported during the same period the previous year.
