Colombia Oil & Gas Downstream Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 1.27 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Colombia Oil & Gas Downstream Market Analysis
The Colombia oil and gas downstream market is expected to grow at a CAGR of less than 1.27% during the forecast period of 2020 - 2025. Factors such as increasing demand for natural gas and rising production of oil in the country are expected to boost the demand for the Colombia oil and gas downstream market during the forecast period. However, refineries were built initially to process light, sweet crude oil from fields such as Cusiana and Cupaigua. Colombia's increasingly heavy crude oil production has presented challenges to the refining and midstream sectors
- Refineries are expected to dominate the market, due to higher installed capacity in the country.
- Colombia's government-owned company is expected to invest in the exploration and production of Colombia's oil and gas fields. It is likely that the investment would increase production and create an opportunity for cheaper oil and gas for the refineries.
- As little investment is expected into the oil and gas downstream sector in the forecast period consumption for natural gas and oil is expected to be the main driver of the market
Colombia Oil & Gas Downstream Market Trends
This section covers the major market trends shaping the Colombia Oil & Gas Downstream Market according to our research experts:
Oil Refining Capacity to Witness Growth
- In Colombia, the refining capacity was registered to be 421 thousand barrels daily (kb/d), in 2018. The refinery throughput increased considerably by 7.6% to 382 kb/d, in 2018 from 355 kb/d in 2017 .
- Natural gas production in the country increased, by 4.6%, year on year, from 10.6 Mtoe, in 2017 to 11.1 Mtoe, in 2018. Oil production in the country increased, by 1.4%, year on year from 45.0 Mtoe, in 2017 to 45.6 Mtoe, in 2018.
- Colombia's Barrancabermeja refinery and the Cartagena refinery together account for effectively all domestic fuel production.
- The 100,000 b/d Sebastopol project has been put on hold because of a lack of financial support, in 2019. There is the little expected scope of expansions to Colombia's refining system, and any growth is expected to come prominently from improved refinery utilization.
- Colombia's refining capacity is expected to grow slightly in the forecast period due to an increase in oil production in the country and increasing investment.
Consumption for Natural Gas to Drive the Market
- Colombia's main oil blend is the Castilla Blend, with API gravity of 18.8, a heavier and sour (high sulfur 1.97%) crude oil. The oil is of heavier quality which causes problems in the refining of crude oil.
- Natural gas imported by Colombia increased by 54.2%, year on year, from 0.06 million tons oil equivalent (Mtoe), in 2016 to 0.22 Mtoe, in 2018 primarily due to increasing demand for natural gas in the country.
- Natural Gas consumption in the country increased, by 7.1%, from 10.5 Mtoe, in 2017 to 11.2, in 2018. Oil consumption reduced 0.7% from 16.5 million tons of oil equivalent (Mtoe) in 2017 to 16.6 Mtoe in 2018. The increase in demand for oil and gas may boost the growth in the downstream sector.
- Hence, the oil and gas downstream market is expected to grow slightly in the forecast period due to an increase in the consumption of natural gas.
Colombia Oil & Gas Downstream Industry Overview
The Colombia oil and gas downstream market is moderately consolidated. The major companies include Exxon Mobil Corporation, Ecopetrol S.A., Fluor Corporation, Chevron Corporation, and Shell Colombia S.A.
Colombia Oil & Gas Downstream Market Leaders
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Exxon Mobil Corporation
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Ecopetrol S.A.
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Fluor Corporation
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Chevron Corporation
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Shell Colombia S.A.
*Disclaimer: Major Players sorted in no particular order
Colombia Oil & Gas Downstream Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Refining Capacity Installed and Forecast, in thousand barrels per day, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraint
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4.6 Supply Chain Analysis
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4.7 PESTLE ANALYSIS
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5. MARKET SEGMENTATION
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5.1 Refineries
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5.1.1 Overview
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5.1.1.1 Existing Infrastructure
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5.1.1.2 Projects in pipeline
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5.1.1.3 Upcoming projects
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5.2 Petrochemicals Plants
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5.2.1 Overview
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5.2.1.1 Existing Infrastructure
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5.2.1.2 Projects in pipeline
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5.2.1.3 Upcoming projects
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 Exxon Mobil Corporation
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6.3.2 Ecopetrol S.A.
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6.3.3 Fluor Corporation
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6.3.4 Chevron Corporation
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6.3.5 Shell Colombia S.A.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Colombia Oil & Gas Downstream Industry Segmentation
The Colombia oil and gas downstream market report include:
| Refineries | |||||
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| Petrochemicals Plants | |||||
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Colombia Oil & Gas Downstream Market Research FAQs
What is the current Colombia Oil and Gas Downstream Market size?
The Colombia Oil and Gas Downstream Market is projected to register a CAGR of less than 1.27% during the forecast period (2024-2029)
Who are the key players in Colombia Oil and Gas Downstream Market?
Exxon Mobil Corporation, Ecopetrol S.A., Fluor Corporation, Chevron Corporation and Shell Colombia S.A. are the major companies operating in the Colombia Oil and Gas Downstream Market.
What years does this Colombia Oil and Gas Downstream Market cover?
The report covers the Colombia Oil and Gas Downstream Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Colombia Oil and Gas Downstream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Colombia Oil & Gas Downstream Industry Report
Statistics for the 2024 Colombia Oil & Gas Downstream market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Colombia Oil & Gas Downstream analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
