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Bogota’s shared investment opportunities in Oil and Gas industry services with Europe’s oil capital

September 13, 2013
  • Invest in Bogota recently attended Offshore Europe to present local investment opportunities. Offshore Europe is the largest European oil and gas event, bringing together the most important stakeholders in exploration and production in Aberdeen, Scotland, Europe’s oil capital.
  • Bogota is an ideal South American hub for services related to the oil and gas industry, a position that reflects the dynamics of the hydrocarbon sector and the country’s encouraging business environment.
  • Bogota serves as the preferred venue for companies establishing headquarters in Colombia, offering an accommodating base for both local business and long term operational planning. Major global companies providing services to this industry are establishing bases in Bogota and Cundinamarca, including those originating from the United States, Canada, Venezuela, and Brazil, and others.
  • Columbia’s oil and gas services industry reached revenues close to US $5 billion in 2012 and has grown 25% annually on average in recent years.

Bogota, Friday, September 13th, 2013 - (IIB). The investment promotion agency for the Bogota Region presented investment opportunities in the Oil and Gas industry at Offshore Europe, the largest European oil and gas event, which brings together the most important stakeholders in exploration and production in Aberdeen, Scotland, Europe’s oil capital. Invest in Bogota executives promoted the city to the sector’s enterprise leaders from a dedicated space dubbed Colombia: Business Opportunities for the Oil and Gas Services Industry. The event combined lectures and conferences with a trade showcase featuring over 1,500 exhibitions.

Juan Gabriel Perez, Executive Director of Invest in Bogota, stated, “Bogota is positioned as a South American hub for services related to the oil and gas industry on account of the dynamics of the hydrocarbon sector, as well as the encouraging business environment in the country. The capital region is an ideal base for services operations, because (i) the country boasts strong institutional support for this sector; (ii) exploration and production activities, as well as the arrival of new operators, has fostered the establishment of service providers for the oil & gas industry; (iii) Bogota and Cundinamarca have a base of skilled personnel with experience in this industry; (iv) the cost–benefit ratio in terms of wages and infrastructure is one of the most competitive in the region; (v) its nearby location offers easy access to the main oil markets in the region.”

Perez continues: "Although exploration and production operations are conducted elsewhere, Bogota is where companies base their headquarters in Colombia, where they do business, and where they plan their activities. The capital city concentrates companies with greater value-added services including seismic, geophysics and geological surveys, artificial lifting, secondary recovery, directional and horizontal drilling services, research and development in chemical products for drilling fluids, and new technologies for the discovery and exploitation of non-conventional hydrocarbons."

The oil and gas services industry in Colombia has grown 25% annually on average in recent years, reaching revenues close to US $5 billion in 2012. There are approximately 180 oil and gas companies in the country, and over 80% of all national sales originate from Bogota.

The oil and gas services industry in Colombia has grown 25% annually on average in recent years, achieving revenues close to US $5 billion in 2012. There are approximately 180 oil and gas companies in the country, and over 80% of all national sales originate from Bogota.

Major global companies providing services to this industry are establishing bases in Bogota and Cundinamarca, including those from the United States, Canada, Venezuela, and Brazil. Multinationals such as Schlumberger, Wood Group, Halliburton, Baker Hughes, Weatherford, and Foster Wheeler already run their operations from the capital region,”  Perez concludes.

What the investors are saying

Andrew Jones - Country Manager, Calmena Energy Services, Inc.

“Colombia has one of the fastest growing oil industries in the world. Colombia and Bogota offer a wealth of advantages for businesses, including a region rich in natural resources, a stable environment for business, attractive foreign investment regimes, and abundant skilled labor. Like many other Canadian companies, Calmena recognizes the potential for opportunities warranted by the oil and gas industry in Colombia and plans to invest significant amounts of capital to attract new Canadian technologies in perforation and hole completion into the country. The next two or three years will be key for the establishment of a sound industry, one that is capable of supporting the growth and production that the oil and gas industry can and will offer in the long run.”

Peter King - General Manager, Energéticos

“Our company, part of the Wood Group multinational conglomerate, went from being a small engineering company with 100 employees to having 654 employees in just six years. It currently is one of the largest companies in services such as engineering and procurement, and in projects for the oil industry in Colombia. As a result of the development of new technologies and procedures, and employing a work culture that is very different from that of other companies, our firm has been able to service markets such as Africa, the United States, Ecuador, Peru, Brazil and Colombia, all from Bogota.”