Date

10 de November 2014

Results of Oil & Gas Expo: Bogota’s the perfect location for oil services

Bogota business hub
Oil & Gas
Oil & Gas Expo
  • Oil & Gas industry service providers have made it clear that they plan to invest in Bogota and those already installed in the city understand the significant benefits of continuing their operations here.
  • In 2013, Oil & Gas service industry revenues were approximately US$ 5.3 billion in Colombia, of which over 90% was raised in Bogota.
  • The country has more than 180 Oil & Gas companies as per the Superintendent of Companies, and 80% of domestic sales are generated from Bogota.
  • Although exploration and production operations are conducted in different regions of the country, it’s Bogota where companies are located close to their operations and where they plan their businesses.
  • The country’s capital boasts the service companies that add value to this industry, including seismic, geophysics and geology studies, artificial lift, secondary recovery, horizontal and directional drilling services, research and development of drilling fluid chemicals, and new technologies for the discovery and exploitation of unconventional hydrocarbons.
  • Last year, Invest in Bogota supported the installation of over eight foreign capital companies that provide services to the oil industry. Among the companies supported are Regent Energy International Ltd., Colombia Branch (Canada), Simmonds Equipment (USA), Tetra Tech (USA), and Worley Parsons (Australia).
Results of Oil & Gas Expo: Bogota’s the perfect location for oil services

Juan Gabriel Pérez, Invest in Bogota CEO, explains “In 2013, the Oil & Gas service industry achieved revenues of approximately US$5.3 billion in Colombia, of which over 90% was raised in Bogota. The country has more than 180 oil and gas companies as per the Superintendent of Companies, and 80% of domestic sales are generated from Bogota. Today, the industry is focused on increasing its reserves, which has been driving the exploration of new sources, such as unconventional hydrocarbons and new offshore areas. A major challenge for the industry is to increase the recovery factor of extra-heavy crude through enhanced recovery technologies.”

Bogota is South America’s hub for the Oil & Gas industry services sector due to the exploration and production activities and the arrival of new operating companies that have attracted the Oil & Gas service companies, all of which has made the local market much more robust. Although exploration and production operations are conducted in different regions of the country, it is in Bogota where the companies are located, close their deals, and where they plan their future operations. The country’s capital boasts the service companies that most add value, including seismic, geophysics and geology studies, artificial lift, secondary recovery, horizontal and directional drilling services, research and development of drilling fluid chemicals, and new technologies for the discovery and exploitation of unconventional hydrocarbons.
 
Pérez continues “The Bogota region has qualified and experienced personnel for the sector, since it is home to 40% of the technical graduates and professionals in the oil industry-related fields; it consolidates approximately 51% of the science, technology, and innovation activities and has easy access to all the major oil markets in the region.”
 
Companies established in 2013
Last year, Invest in Bogota assisted in the installation of eight or more foreign capital corporations that provide services to the oil industry. Among the companies it has supported are Regent Energy International Ltd. Colombia Branch (Canada), Simmonds Equipment (USA), Tetra Tec (USA), and Worley Parsons (Australia).
 
Oil & Gas Expo
This important event is held every two years with the attendance of approximately 250 national and international companies, providers of oil goods and services, operators, suppliers of products, and direct and cross-over services to the hydrocarbons sector.