Table of Contents
Executive Summary — 7 SWOT
Analysis — 9 Colombia Political SWOT
Analysis — 9 Colombia Economic SWOT
Analysis — 10 Colombia Business Environment SWOT
Analysis — 11 Colombia Energy Market
Overview — 12 Global Oil Market
Outlook — 16 Storing Up Trouble — 16
Revised Forecasts — 18 Global Oil Market
Review — 20 One-Way Traffic — 20
Table: Global Oil Consumption (000b/d) — 23 12-Month
Demand Outlook — 23 Table: Global Oil Production
(000b/d) — 24 12-Month Supply
Outlook — 25 Longer-Term Supply And
Demand — 25 Oil Price Assumptions — 26
Table: Crude Price Assumptions 2008/2009 — 27 Table: Oil
Price Forecasts — 27 Global Oil Products Price
Outlook — 28 Table: Oil Product Price Assumptions 2009
(US$/bbl) — 31 Table: Oil Product Price Forecasts
(US$/bbl) — 32 Global Oil Products Market
Review — 33 Regional Energy Market
Overview — 38 Oil Supply And
Demand — 38 Table: Latin America Oil Consumption
(000b/d) — 39 Table: Latin America Oil Production
(000b/d) — 40 Oil: Downstream — 41
Table: Latin America Oil Refining Capacity (000b/d) — 41
Gas Supply And Demand — 42 Table: Latin America Gas
Consumption (bcm) — 42 Table: Latin America Gas Production
(bcm) — 42 Liquefied Natural Gas — 43
Table: Latin America LNG Exports/(Imports) (bcm) — 43
Business Environment Ranking — 44 Latin America
Region — 44 Composite Scores — 44
Table: Regional Upstream Business Environment Rating — 45
Table: Regional Downstream Business Environment
Rating — 46 Upstream Scores — 46
Downstream Scores — 46 Colombia Upstream Rating –
Overview — 47 Colombia Upstream Rating – Potential
Returns — 47 Colombia Upstream Rating – Risks to
Potential Returns — 47 Colombia Downstream Rating –
Overview — 48 Colombia Downstream Rating – Potential
Returns — 48 Colombia Downstream Rating – Risks to
Potential Returns — 48 Business
Environment — 49 Legal Framework — 49
Infrastructure — 51 Labour Force — 52
Foreign Investment Policy — 53 Tax
Regime — 54 Industry Forecast
Scenario — 55 Oil And Gas
Reserves — 55 Oil Supply And
Demand — 55 Gas Supply And Demand — 56
LNG — 57 Refining And Oil Products
Trade — 57 Revenues/Import Costs — 58
Table: Colombia Oil & Gas – Historical Data &
Forecasts — 59 Other Energy — 60
Table: Colombia Other Energy – Historical Data &
Forecasts — 61 Key Risks to BMI’s Forecast
Scenario — 61 Long-Term Oil & Gas
Outlook — 61 Macroeconomic
Outlook — 62 Table: Colombia - Economic
Activity — 64 Competitive
Landscape — 65 Table: Key Players – Colombian Oil &
Gas Sector — 66 Overview/State
Role — 66 Table: Key Upstream
Players — 68 Table: Key Downstream
Players — 68 Company Monitor — 69
Empresa Colombiana de Petróleos (Ecopetrol) — 69 BP
Colombia — 74 ExxonMobil Colombia — 76
Chevron Colombia — 78 Occidental de
Colombia — 80 Petrobras Colombia — 82
TEPMA Colombia (Total) — 84 RepsolYPF –
Summary — 86 Royal Dutch Shell –
Summary — 86 Solana Resources –
Summary — 86 Cepsa –
Summary — 86 Perenco –
Summary — 87 Petro Vista –
Summary — 87 Pacific Rubiales –
Summary — 88 Gran Tierra –
Summary — 88 Others –
Summary — 88 Glossary of Terms — 92
Oil & Gas Ratings: Revised Methodology — 93
Introduction — 93 Ratings
Overview — 93 Table: BMI Oil & Gas Business Environment
Ratings: Structure — 94
Indicators — 95 Table: BMI Oil & Gas Business Environment
Upstream Ratings: Methodology — 95 Table: BMI Oil & Gas
Business Environment Downstream Ratings: Methodology — 96
Oil & Gas Outlook: Long-Term Forecasts — 98 Global Oil
Demand — 98 Table: Global Oil Demand
(000b/d) — 98 Table: Global Oil Production
(000b/d) — 99 Global Oil Supply — 99
Global Gas Demand — 100 Table: Global Gas Demand
(bcm) — 100 Global Gas Supply — 100
Table: Global Gas Production (bcm) — 101 Regional Oil
Demand — 102 Table: Latin America Oil Consumption
(000b/d) — 102 Regional Oil
Supply — 103 Table: Latin America Oil Production
(000b/d) — 103 Regional Refining
Capacity — 104 Table: Latin America Oil Refining Capacity
(000b/d) — 104 Regional Gas
Demand — 105 Table: Latin America Gas Consumption
(bcm) — 105 Regional Gas Supply — 106
Table: Latin America Gas Production (bcm) — 106 Colombia
Country Overview — 106 Methodology & Risks To
Forecasts — 107 BMI Forecast
Modelling — 108 How We Generate Our Industry
Forecasts — 108 Energy Industry — 109
Cross checks — 109 Sources — 109
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