Colombia watch: Oil reserves edge up as Chevron reports fuel sales hit

Colombia's proven crude oil reserves rose to 2.036Bb (billion barrels) at the end of 2019 from 1.958Bb a year earlier, according to figures published by the mines and energy ministry on Thursday. 

At current production rates, the lifespan of the resources rose to 6.3 years from 6.2, the ministry said in a statement. 

Meanwhile, gas reserves fell to 3.146Bf3 (billion cubic feet) from 3.782Bf3 at the end of 2018, representing a drop in their longevity to 8.1 years from 9.8 years. 

The reserves tally included information from 456 fields, provided by 64 companies. 

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US oil and gas major Chevron said its Colombian liquid fuel sales have fallen by an average of 65% as a result of the national coronavirus lockdown.

The sharp drop in demand has eroded the company's cash flow by around 60%, it said in a filing with financial regulator Superservicios. 

"At this time, it is impossible for us to determine and report the impacts that this situation will have in our financial statements," the filing said. "We don't know how long the [lockdown] will continue and if the market and the economy can recover by the end of the year."

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Meanwhile fuel volumes dispatched to retailers in Colombia have fallen by 28% since January, according to figures published by the SICOM fuel information system.

Sales fell from 169mn gallons in January to 156mn gallons in February and 121mn gallons in March.