Frontera slashes capex, eyes Colombia production ramp-up
Frontera Energy plans to invest US$272-335mn this year, down from a midpoint estimate of US$420mn in 2023, the South America-focused company said on Thursday.
Upstream activities will account for US$230-280mn, including US$35-45mn for exploration, while US$40-50mn will be allocated to Colombian infrastructure works.
"Our 2024 capital and production plan is fully funded, protected by a prudent hedging program, and leans into the most productive and profitable assets within our portfolio," Frontera CEO Orlando Cabrales said in a statement.
He added that the Canadian company aimed to capitalize on near-field opportunities at its Quifa, CPE-6 and VIM-1 production blocks in Colombia.
In the exploration segment, Frontera plans to drill three wells, including the Hydra-1 prospect on Colombia's VIM-1 block, and two wells on Ecuador's Espejo block. It is also readying additional seismic and pre-drilling activities in Colombia.
The focal point of infrastructure investments will be the construction of a 6.8km, 18-inch pipeline connecting the Reficar refinery to the company's Puerto Bahia liquids terminal on Colombia's Caribbean coast. The Calgary-headquartered firm also aims to bring online a water treatment facility at Quifa.
Average full-year production is estimated to range from 40,000 to 42,000boe/d, Frontera added.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Oil & Gas (Colombia)
Ecopetrol unveils US$500mn Huila E&P plans
The project is expected to reach peak production of 9,200b of oil and 2mn cubic feet of gas a day by 2030, the Colombian state company said.
Colombian gas imports surge as drilling stalls
Volumes of gas allocated to thermoelectric generators totaled 404Mf3/d in September, up from 246Mf3/d the previous month.
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: Oil & Gas (Colombia)
Get critical information about thousands of Oil & Gas projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: Block VIM 8
- Current stage:
- Updated:
2 days ago
- Project: Block GUA OFF 10
- Current stage:
- Updated:
2 days ago
- Project: Block GUA OFF 1
- Current stage:
- Updated:
2 days ago
- Project: Kalé area
- Current stage:
- Updated:
2 days ago
- Project: Block El Triunfo
- Current stage:
- Updated:
2 days ago
- Project: Block COR-6
- Current stage:
- Updated:
2 days ago
- Project: Block SN 11
- Current stage:
- Updated:
2 days ago
- Project: CPO-1 block
- Current stage:
- Updated:
2 days ago
- Project: Block VIM 22
- Current stage:
- Updated:
2 days ago
- Project: Block LLA 99
- Current stage:
- Updated:
2 days ago
Other companies in: Oil & Gas (Colombia)
Get critical information about thousands of Oil & Gas companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Promisol S.A.S. (Promisol)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: QMAX Solutions Colombia
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
- Company: Ismocol S.A. (Ismocol)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by BNamericas’ content team. However, it may have been au...
- Company: Actividades de Instalaciones y Servicios Cobra S.A. (Cobra Colombia) (Cobra Colombia)
-
Actividades de Instalaciones y Servicios Cobra S.A. (Cobra Colombia) is a subsidiary of Spanish Grupo Cobra, which in turn is one of the main subsidiaries of Spanish constructio...
- Company: Interoil Colombia Exploration and Production (Interoil Colombia E&P)
-
Interoil Colombia Exploration and Production, a subsidiary of Oslo-based independent oil and gas company Interoil Exploration and Production ASA, is a Colombian firm providing g...
- Company: SierraCol Energy
- Company: Petromont Colombia S.A. Sucursal Colombia (Petromont Colombia)
-
Petromont Colombia S.A. Sucursal Colombia (Petromont Colombia) is a subsidiary of the Peruvian firm Petrolera Monterrico which is aimed at the exploitation of hydrocarbons and s...
- Company: Norte Santandereana de Gas S.A. E.S.P. (Norgas)
-
*This is an archived company in the BNamericas database. If you need an update on this company and its operations, please Ask Us.* Inversiones del Nordeste S.A (INSA) is a Colom...
- Company: GeoPark Colombia S.A.S. (GeoPark Colombia)
-
GeoPark Colombia, the local subsidiary of Latin American junior GeoPark Ltd., is an oil and gas explorer and operator that manages hydrocarbon assets in Colombia. The company op...
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
