Colombia
NEWS
What is driving Colombia's natural gas demand boom?
Bnamericas
Published: Friday, January 10, 2020
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What is driving Colombia's natural gas demand boom?
Colombian natural gas demand will rise 51% over the next 13 years, largely driven by the oil and electric power sectors, new figures show.
The Andean country will require 1.449 billion British thermal units per day (Bbtu/d) of the fossil fuel in 2033 to meet its domestic needs, up from 961.04Mbtu/d in 2019, according to energy ministry planning unit UPME.
Demand growth over the period is expected to be spearheaded by coastal areas (up 65% from today), the central region (up 51%) and the southeast (up 152%) under a normal consumption scenario. High and low scenario projections were also provided.
Source: UPME
The figures, included in the latest version of UPME's 2019-33 gas market outlook, show that natural gas use will be propelled by oil production activities – including a raft of new projects off the Caribbean coast – refining and thermoelectric power generation.
There will also be greater thirst for the fuel among households, commerce, the transport segment, petrochemical producers and other industries, UPME said.
The 43-page document said rebounding confidence in Colombia's oil and gas sector pointed to strong gas demand from refiners, for whom natural gas is a key feedstock. Field operators are also reliant on the fuel for enhanced recovery methods, such as gas injection and gas lift.
