Natural gas is playing an increasingly important role in the global transition to clean energy. Governments and industries are phasing out the use of oil and coal as energy sources, replacing them with natural gas in a transition to a cleaner renewable energies. This is essential in order to achieve national targets in the reduction of greenhouse gases (GHGs) and particulate matter, especially within large population centers. The Colombian government is committed to reducing GHG emissions by 51% by 20301. To meet the government's target, natural gas consumption in Colombia is expected to grow by 3-6% annually from 2020 to 20501.
Canacol is the largest independent onshore conventional natural gas exploration and production company in Colombia, supplying approximately 20%2 of the country’s gas needs. Our goal is to continue to grow our gas production business in a manner to maximize return to our shareholders, while at the same time becoming a leader in our commitment to the environment, the communities we work in, and corporate governance.
1) Source: Ministry of Mines and Energy (2021). Energy transition: a legacy for the present and future of Colombia.
2) Source: Canacol and Ministry of Mines and Energy
3) Source: Independent resources report prepared by Boury Global Energy Consultants Ltd , effective December 31, 2021