Table of Contents
1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Colombia Energy Sector 11
2.1 Colombia Energy Sector, Market Overview
11
2.2 Colombia Energy Sector, Natural Gas 12
2.2.1 Colombia Natural
Gas, Overview 12
2.2.2 Colombia Natural Gas, Supply and Demand Balance
12
2.2.3 Colombia Natural Gas, Regulatory Structure 16
2.2.4 Colombia
Natural Gas, Infrastructure 16
3 Colombia Petroleum Fiscal Regime 17
3.1 Colombia Petroleum Fiscal Environment 17
3.2 License Terms 17
3.3
Key Fiscal Terms 18
3.4 Sample Cashflows Calculations 22
4 Colombia
Gas Upstream Investment Environment Benchmarking 23
4.1 Introduction
23
4.2 The Overall Ranking 23
4.3 Upstream Fiscal Attractiveness
24
4.3.1 Maximum Government Take Index 25
4.3.2 Maximum State
Participation Index 25
4.3.3 Domestic Market Obligation Index 25
4.4
Gas Sector Performance 26
4.4.1 Exploration Activity 28
4.4.2 Gas
Production 29
4.4.3 Gas Reserves 29
4.4.4 Gas Consumption 30
4.5
Economic Performance 30
4.5.1 GDP Growth Index 32
4.5.2 FDI Confidence
Index 32
4.5.3 Balance of Trade Index 32
4.6 Socio-Political
Performance 32
4.6.1 Democracy Index 34
4.6.2 Governance Index 34
5 Colombia Exploration and Production Sector 35
5.1 Colombia Exploration
and Production Sector, Country Snapshot 35
5.1.1 Colombia Exploration and
Production Sector, Key Data 35
5.1.2 Colombia Exploration and Production
Sector, Natural Gas Assets Map 35
5.2 Colombia Exploration and Production
Sector, Marketed Natural Gas Production 36
5.2.1 Colombia Exploration and
Production Sector, Marketed Natural Gas-Historical Production 36
5.2.2
Colombia Exploration and Production Sector, Marketed Natural Gas Production by
Assets 37
5.2.3 Colombia Exploration and Production Sector, Marketed
Equity Weighted Natural Gas Production by Company 38
5.2.4 Colombia
Exploration and Production Sector, Market Share (%) based on Marketed Natural
Gas Production 40
5.3 Colombia Exploration and Production Sector, Marketed
Natural Gas Forecasts 41
5.3.1 Colombia Exploration and Production Sector,
Marketed Natural Gas Forecasted Production 41
5.3.2 Colombia Exploration
and Production Sector, Gross Revenue Forecast 41
5.3.3 Colombia
Exploration and Production Sector, Government Take Forecast 42
5.3.4
Colombia Exploration and Production Sector, Contractor Take Forecast 42
5.4 Colombia Exploration And Production Sector, Natural Gas Asset Details
43
5.4.1 Colombia Exploration And Production Sector, Active Natural Gas
Asset Details 43
6 Colombia Pipeline Sector 44
6.1 Colombia Pipeline
Sector, Key Data 44
6.2 Colombia Pipeline Sector, An Overview 44
6.3
Colombia Pipeline Sector, Comparision of Key Natural Gas Pipeline Companies
44
6.4 Colombia Pipeline Sector, Natural Gas Pipelines 46
7 Profile of
ECOPETROL S.A. 47
7.1 ECOPETROL S.A., Key Information 47
7.2 ECOPETROL
S.A., Company Overview 47
7.3 ECOPETROL S.A., Business Description 47
7.3.1 ECOPETROL S.A., Business Description, Business Overview 47
7.3.2
ECOPETROL S.A., Business Description, All Other 47
7.3.3 ECOPETROL S.A.,
Business Description, Exploration and Production 48
7.3.4 ECOPETROL S.A.,
Business Description, Refining and Petrochemicals 50
7.3.5 ECOPETROL S.A.,
Business Description, Transportation 51
7.3.6 ECOPETROL S.A., Business
Description, Major Products and Services 52
7.4 ECOPETROL S.A., Value
Chain Analysis 53
7.4.1 ECOPETROL S.A., Value Chain Analysis, Upstream
53
7.4.2 ECOPETROL S.A., Value Chain Analysis, Midstream 54
7.4.3
ECOPETROL S.A., Value Chain Analysis, Downstream 55
7.4.4 ECOPETROL S.A.,
Value Chain Analysis, Retail 55
7.5 ECOPETROL S.A., SWOT Analysis 55
7.5.1 ECOPETROL S.A., SWOT Analysis, Overview 55
7.5.2 ECOPETROL S.A.,
SWOT Analysis, Strengths 56
7.5.3 ECOPETROL S.A., SWOT Analysis,
Weaknesses 57
7.5.4 ECOPETROL S.A., SWOT Analysis, Opportunities 58
7.5.5 ECOPETROL S.A., SWOT Analysis, Threats 59
7.6 ECOPETROL S.A.,
Revenue Analysis 59
7.6.1 ECOPETROL S.A., Revenue by Segment 60
7.6.2
ECOPETROL S.A., Revenue by Geography 60
8 Profile of Occidental Petroleum
Corporation 61
8.1 Occidental Petroleum Corporation, Key Information
61
8.2 Occidental Petroleum Corporation, Company Overview 61
8.3
Occidental Petroleum Corporation, Business Description 61
8.3.1 Occidental
Petroleum Corporation, Business Description, Business Overview 61
8.3.2
Occidental Petroleum Corporation, Business Description, Chemical 62
8.3.3
Occidental Petroleum Corporation, Business Description, Oil and Gas 63
8.3.4 Occidental Petroleum Corporation, Business Description, Major Products
and Services 65
8.4 Occidental Petroleum Corporation, Value Chain Analysis
66
8.4.1 Occidental Petroleum Corporation, Value Chain Analysis, Upstream
66
8.4.2 Occidental Petroleum Corporation, Value Chain Analysis, Midstream
67
8.5 Occidental Petroleum Corporation, SWOT Analysis 67
8.5.1
Occidental Petroleum Corporation, SWOT Analysis, Overview 67
8.5.2
Occidental Petroleum Corporation, SWOT Analysis, Strengths 68
8.5.3
Occidental Petroleum Corporation, SWOT Analysis, Weaknesses 69
8.5.4
Occidental Petroleum Corporation, SWOT Analysis, Opportunities 69
8.5.5
Occidental Petroleum Corporation, SWOT Analysis, Threats 70
8.6 Occidental
Petroleum Corporation, Revenue Analysis 71
8.6.1 Occidental Petroleum
Corporation, Revenue by Segment 71
8.6.2 Occidental Petroleum Corporation,
Revenue by Geography 71
8.7 Financial and Operational Review 73
8.7.1
Financial Statements 73
8.7.2 Financial Ratios 74
9 Profile of Chevron
Corporation 75
9.1 Chevron Corporation, Key Information 75
9.2 Chevron
Corporation, Company Overview 75
9.3 Chevron Corporation, Business
Description 75
9.3.1 Chevron Corporation, Business Description, Overview
75
9.3.2 Chevron Corporation, Business Description, Chemicals 76
9.3.3
Chevron Corporation, Business Description, Downstream Segment 77
9.3.4
Chevron Corporation, Business Description, Others Segment 78
9.3.5 Chevron
Corporation, Business Description, Upstream Segment 79
9.4 Chevron
Corporation, Value Chain Analysis 81
9.4.1 Chevron Corporation, Value
Chain Analysis, Upstream 81
9.4.2 Chevron Corporation, Value Chain
Analysis, Midstream 83
9.4.3 Chevron Corporation, Value Chain Analysis,
Retail 83
9.4.4 Chevron Corporation, Value Chain Analysis, Power
Generation 84
9.4.5 Chevron Corporation, Value Chain Analysis,
Transformation 85
9.5 Chevron Corporation, SWOT Analysis 86
9.5.1
Chevron Corporation, SWOT Analysis, Overview 86
9.5.2 Chevron Corporation,
SWOT Analysis, Strengths 86
9.5.3 Chevron Corporation, SWOT Analysis,
Weaknesses 87
9.5.4 Chevron Corporation, SWOT Analysis, Opportunities
88
9.5.5 Chevron Corporation, SWOT Analysis, Threats 89
9.6 Chevron
Corporation, Revenue Analysis 91
9.6.1 Chevron Corporation, Revenue by
Segment 91
9.6.2 Chevron Corporation, Revenue by Geography 91
9.7
Chevron Corporation, Financial and Operational Review 92
9.7.1 Financial
Statements 92
9.7.2 Financial Ratios 93
10 Financial Deals Landscape
94
10.1 Detailed Deal Summary 94
10.1.1 Rumored Deals 94
10.1.2
Merger 95
10.1.3 Acquisition 96
10.1.4 Debt Offerings 102
10.1.5
Partnerships 103
10.1.6 Asset Transactions 104
11 Recent Developments
114
11.1 License Rounds 114
11.1.1 May 13, 2009: Colombia To Offer 96
Oil, Gas Blocks In 2010 114
11.2 License Awards 115
11.2.1 May 01,
2009: Petro Andina Resources Wins Four Exploration Blocks In Colombia 115
11.2.2 Feb 18, 2009: Emerald Energy Wins Durillo Contract In Colombia 115
11.2.3 Jan 29, 2009: Emerald Wins Exploration And Production Contract In
Colombia 115
11.2.4 Jan 08, 2009: Thorneloe Receives E&P Rights In
Colombia 116
11.2.5 Jan 07, 2009: PetroLatina Wins Putumayo-4 Block In
Colombian License Bidding Round Mini-Ronda 2008 116
11.3 Strategy and
Business Expansion 117
11.3.1 May 20, 2009: Ecopetrol To Be The New
Operator Of Ocensa 117
11.4 Recent Discoveries 118
11.4.1 May 20,
2009: Talisman Energy Discovers Gas Condensate Field In Niscota Block,
Colombia 118
11.4.2 Apr 23, 2009: Pacific Rubiales Energy Discovers Oil At
Arrendajo, Buganviles Blocks In Colombia 118
11.4.3 Apr 06, 2009:
Ecopetrol Confirms Oil Discovery At Quriyana-1 Well In Putumayo, Colombia
119
11.4.4 Jan 21, 2009: Pacific Rubiales Discovers Oil At LISA-1 Well In
Guasimo Block, Colombia 120
11.5 Drilling and Production Updates 120
11.5.1 May 14, 2009: Ecopetrol To Boost Its Production To More Than 600,000
Boped By 2011 120
11.5.2 May 06, 2009: Petrolifera Petroleum Halts
Drilling At LaPinta #1 Well On Sierra Nevada License Onshore Colombia 121
11.5.3 May 05, 2009: Ecopetrol Updates On Gibraltar 3 Well In Siriri Block,
Colombia 121
11.5.4 Apr 28, 2009: PetroLatina Energy Updates On Los
Angeles-11 Well In Middle Magdalena Valley, Colombia 122
11.5.5 Apr 27,
2009: Petrominerales Produces Oil From Corcel-D3 Well In Llanos Basin,
Colombia 124
11.5.6 Apr 23, 2009: Pacific Rubiales Energy Updates On
Guasimo, Quifa Blocks In Colombia 126
11.5.7 Apr 14, 2009: Canacol Energy
Provides Reserves Update For Rancho Hermoso, Entrerrios Fields in Colombia
127
11.5.8 Mar 24, 2009: Emerald Energy Updates On Jacinto No.1 Well In
Jacaranda Block, Colombia 128
11.6 Financial Announcements 129
11.6.1
May 13, 2009: Ecopetrol Reports Consolidated Net Income Of COP1.6 Trillion For
Q1 2009 129
11.6.2 Mar 02, 2009: Petrominerales Reports Q4 2008 Results
131
11.6.3 Feb 17, 2009: Ecopetrol Reports Q4 2008 Results 134
11.6.4
Feb 09, 2009: Ecopetrol Reschedules Release Date Of Fourth Quarter 2008
Financial Results 137
11.7 Other Significant Developments 137
11.7.1
May 06, 2009: Ecopetrol Recommences Operation At Trasandino Pipeline In
Southern Colombia 137
11.7.2 May 01, 2009: Petro Andina Provides Q1 2009
Operational Update 138
11.7.3 Apr 27, 2009: Canacol Energy Updates On Ombu
E&P Contract In Caguan Putumayo Basin, Colombia 141
11.7.4 Apr 17, 2009:
Petrolifera Petroleum Provides Operations Update 142
11.7.5 Apr 15, 2009:
Petro Vista Energy Provides Operations Update 143
11.7.6 Apr 09, 2009:
Gran Tierra Energy Provides Operations Update 144
11.7.7 Apr 07, 2009:
Pacific Rubiales Energy, Ecopetrol To Evaluate STAR Technology At Rubiales
Field In Colombia 145
11.7.8 Apr 05, 2009: Ecopetrol Requires About $2
Billion For Investment Plan In 2009 146
12 Appendix 148
12.1
Methodology 148
12.1.1 Coverage 149
12.1.2 Secondary Research 150
12.1.3 Primary Research 150
12.1.4 E&P Forecasts 150
12.1.5 Midstream
Forecasts 152
12.1.6 Expert Panel Validation 152
12.2 Contact Us
152
12.3 About GlobalData 152
12.4 Disclaimer 153
1.1 List of
Tables
Table 1: Colombia, Historical and Forecasted Production and
Consumption of Natural Gas, 1996-2020 13
Table 2: Colombia, Historical
Reserves of Natural Gas, 1996-2008 15
Table 3: Colombia, Crude Oil and
Natural Gas, Royalty Rate, 2007 19
Table 4: Colombia, Trigger Price For
Various Crude Oil Quality, 2007 20
Table 5: Colombia, Trigger Price
For Various Natural Gas Quality, 2007 20
Table 6: Colombia, Depreciation
Rate For Fixed Assets, 2007 21
Table 7: South and Central America,
Investment Benchmarking, Overall Country Rankings, 2008 23
Table 8: South
and Central America, Investment Benchmarking, Upstream Fiscal Attractiveness,
2008 24
Table 9: South and Central America, Investment Benchmarking, Gas
Sector Performance, 2008 26
Table 10: South and Central America,
Investment Benchmarking, Economic Performance, 2008 30
Table 11: South and
Central America, Country Standings, Economic Performance, 2008 31
Table
12: South and Central America, Investment Benchmarking, Socio-Political
Performance, 2008 33
Table 13: South and Central America, Country
Standings, Socio-Political Performance, 2008 33
Table 14: Colombia,
Natural Gas Key Statistics, 2008 35
Table 15: Colombia, Total Marketed
Natural Gas Production (MMcf), 2001-2008 36
Table 16: Colombia, Marketed
Natural Gas Production (MMcf), by Assets, 2001-2008 37
Table 17: Colombia,
Marketed Equity Weighted Natural Gas Production (MMcf), by Company, 2001-2008
38
Table 18: Colombia, Market Share (%) based on Marketed Natural Gas
Production, 2001-2008 40
Table 19: Colombia, Marketed Natural Gas
Production(MMcf), Forecast by Assets, 2009-2014 41
Table 20: Colombia,
Forecasted Assets-wise Gross Revenue(000' $), 2009-2014 41
Table 21:
Colombia, Projected Assets-wise Total Government Take(000' $), 2009-2014 42
Table 22: Colombia, Projected Assets-wise Total Contractor Take(000' $),
2009-2014 42
Table 23: Colombia, Active Gas Field Assets Details 43
Table 24: Colombia, Pipeline Key Statistics, 2008 44
Table 25: Colombia,
Natural Gas Pipeline Length by Company (Km), 2008 44
Table 26: Colombia,
Natural Gas Pipelines, 2008 46
Table 27: ECOPETROL S.A., Key Facts
47
Table 28: ECOPETROL S.A., SWOT Analysis 56
Table 29:
Occidental Petroleum Corporation, Key Facts 61
Table 30: Occidental
Petroleum Corporation, SWOT Analysis 68
Table 31: Occidental
Petroleum Corporation, Revenue by Segment, USD Million, 2003-2007 71
Table
32: Occidental Petroleum Corporation, Revenue by Geography, USD Million,
2003-2007 72
Table 33: Occidental Petroleum Corporation, Financial
Statements, USD Million, 2003-2007 73
Table 34: Occidental Petroleum
Corporation, Financial Ratios, USD Million, 2003-2007 74
Table 35: Chevron
Corporation, Key Facts 75
Table 36: Chevron Corporation, SWOT Analysis
86
Table 37: Chevron Corporation, Revenue by Segment, USD Million,
2003-2007 91
Table 38: Chevron Corporation, Revenue by Geography, USD
Million, 2003-2007 92
Table 39: Chevron Corporation, Financial Statements,
USD Million, 2003-2007 92
Table 40: Chevron Corporation, Financial Ratios,
USD Million, 2003-2007 93
Table 41: General Electric And Petroleo
Brasileiro Intend To Acquire 51% Stake In An Oil Refinery From Glencore
International 94
Table 42: Gran Tierra Merges With Solana Resources 95
Table 43: Ecopetrol Acquires 24.7% Equity Share In Oleoducto Central From
Enbridge 96
Table 44: Maurel & Prom To Sell Hocol Petroleum To Ecopetrol
97
Table 45: Pacific Rubiales Acquires Kappa Energy 99
Table 46: Petro
Vista Energy Acquires Petropuli 100
Table 47: Gold Oil To Acquire
Inversiones Petroleras 101
Table 48: Ecopetrol Plans To Issue
Non-Convertible Bonds For $4,000 Million 102
Table 49: Meta Petroleum And
Ecopetrol Form Partnership To Develop Alicante Block 103
Table 50: Suroco
Energy Acquires Suroriente Block And Arjona Field From Alentar Holdings
104
Table 51: Petro Vista To Farm-Out 35% Participating Interest In
Morichito Block To Golden Oil 105
Table 52: Ecopetrol To Acquire 51% Stake
In Cartagena Refinery From Glencore International 106
Table 53: Maurel &
Prom Plans To Sell Its Colombian Assets 107
Table 54: La Cortez Energy To
Acquire 20% Interest In Maranta Exploration And Production Block From Emerald
Energy 108
Table 55: Ecopetrol Acquires 17% Stake In Colombia Off-Shore
Area From BHP Billiton 109
Table 56: Ecopetrol Acquires Teca Oilfield From
ONGC Videsh And Sinopec 110
Table 57: Amerisur Resources Acquires
Additional 35% Interest in Platanillo Block 111
Table 58: West Canyon
Energy Sells 16% Stake In Buena Vista Block For $4 Million 112
Table 59:
Petro Vista Acquires 25% Interest in La Maye Block From New Horizon 113
1.2 List of Figures
Figure 1: Colombia, Energy Sector break-up, 2008
11
Figure 2: Colombia, Natural Gas Production And Consumption, Billion
Cubic Feet, 1996-2020 14
Figure 3: Colombia, Upstream Oil & Gas Fiscal
Regime (Royalty/Tax), Sample Cashflows, 2005-2016 22
Figure 4: South and
Central America, Country Standings, Upstream Fiscal Attractiveness, 2008
25
Figure 5: South and Central America, Country Standings, Gas Sector
Performance, by Reserves-Exploration & Production, 2008 27
Figure 6: South
and Central America, Country Standings, Gas Sector Performance, by Production
& Consumption, 2008 28
Figure 7: South and Central America, Country
Standings, Exploration Blocks Awarded, 2008 29
Figure 8: South and Central
America, Country Standings, Economic Performance, 2008 31
Figure 9: South
and Central America, Country Standings, Socio-Political Performance, 2008
34
Figure 10: Colombia, Natural Gas Assets Map, 2008 35
Figure 11:
Colombia, Total Marketed Natural Gas Production (MMcf), 2001-2008 36
Figure 12: Colombia, Marketed Equity Weighted Natural Gas Production (MMcf),
by Company, 2001-2008 39
Figure 13: Colombia, Market Share (%) based on
Marketed Natural Gas Production, 2008 40
Figure 14: Colombia, Natural Gas
Pipeline Length by Company (Km), 2008 45
Figure 15: ECOPETROL S.A., Value
Chain Analysis 53
Figure 16: Occidental Petroleum Corporation, Value Chain
Analysis 66
Figure 17: Chevron Corporation, Value Chain Analysis 81
Figure 18: GlobalData Methodology 149
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