An Early Player in Colombia
Nexen Petroleum Colombia Ltd., a wholly-owned subsidiary of CNOOC Limited, opened an office in Bogota in February 1995. Since 1999, Nexen has drilled seven conventional oil exploratory wells in Colombia, one of which resulted in an oil field (operated by Petrobras) that provides about 1,600 barrels per day (bbls/d) net to Nexen. We continue to explore for oil in Colombia. But the relatively strong economics for natural gas in Colombia has more recently focused our attention on the country’s significant shale gas potential.
Why Invest in Colombia?
Nexen’s plans in Colombia come at a time when the country has made significant strides on political, economic and security fronts. Over the past decade, Colombia has progressed from a state-at-risk to a country with relatively stable and democratic political institutions. Colombia has one of the world’s fastest growing economies with a strong demand for energy.
Sound fiscal management has helped Colombia avoid some of the hyper-inflation experienced by neighbouring countries. Moreover, Colombia is now open for business. Colombians’ entrepreneurial spirit, combined with fair and equitable treatment for foreign investors and capital as well as expedited permitting processes, has made Colombia the top Latin American country in the World Bank’s “Ease of Doing Business” ranking. Colombia enjoys strong two-way trade relations with Canada and the United States and has an abundance of highly skilled contractors and engineers.
Learn more about Nexen's operations in Colombia.