The Colombia oil and gas downstream market size is expected to register a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing demand for natural gas and increasing production of oil in the country.
The downstream area is the refining of unrefined petroleum and the processing and filtering of crude flammable gas. The downstream operation results into products such as kerosene, diesel oil, fuel oils, waxes, natural gas, gasoline, jet fuel, heating oil, lubricants, asphalt, and liquefied petroleum gas. Downstream tasks are oil and gas processes that happen after the extraction stage at the retail location. Downstream activities refer to the last procedure in the manufacturing and trade of merchandise, where finished products are sold to end-users.
Oil extraction in the nation expanded by 1.4% year on year from 45.0 Mtoe in 2017 to 45.6 Mtoe in 2018. Colombia's fundamental oil mix is the Castilla Blend, with an API gravity of 18.8, a heavier and harsh (high sulfur 1.97%) unrefined oil. Natural Gas consumption in the country improved, 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 oil is of high quality, which creates some issues in the refining of raw oil. Natural petrol imported by Colombia expanded by 54.2%, year on year, from 0.06 million ton oil equal (Mtoe) in 2016 to 0.22 Mtoe in 2018 principally due to expanding interest for natural gas in the country. There is the slight anticipated scope of growths to Colombia's refining system, and any development is expected to come obviously from enhanced refinery deployment.
The outbreak of COVID-19 pandemic has impacted the oil and gas downstream market. Pipeline plans has observed delays due to forced lockdown in the country. However, the relaxation in restrictions is estimated to propel the market growth.
The report on the Colombia oil and gas downstream market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Colombia Oil and Gas Downstream Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Refineries and Petrochemicals Plants |
Country |
Colombia |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Ecopetrol S.A.; Chevron Corporation; Fluor Corporation; Shell Colombia S.A.; and Exxon Mobil Corporation |
The refineries segment is expected to constitute a key share of the market during the projected period. The Cartagena refinery and Colombia's Barrancabermeja refinery together account for successfully all internal fuel production. In 2017, the capacity of refineries were 355kbpd, which then increased by 7.6% to 382kbpd in 2018. Natural gas creation in the nation expanded by 4.6%, year on year, from 10.6 Mtoe in 2017 to 11.1 Mtoe in 2018. The 100,000 downstream Sebastopol project put on hold due to shortage of financial funding, 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.
The petrochemical plants segment is projected to exhibit a sustainable CAGR during the forecast period. Rising construction activities due to rapid urbanization has increased the demand for paints & coatings, adhesives, and plastics, which is propelling the demand for raw materials.
The Colombia oil and gas downstream segmented on the basis of:
Colombia
The key players competing in the enterprise resource planning market are Infor Inc.; Oracle Corporation; Microsoft Corporation; SAP SE; and IBM Corporation.
In July 2020, SAP and Siemens contracted a partnership agreement to accelerate the digitization of manufacturing processes, which allows companies to develop an end-to-end digital thread for manufacturing process.
The Colombia oil and gas downstream segmented on the basis of:
Colombia
The key players competing in the enterprise resource planning market are Infor Inc.; Oracle Corporation; Microsoft Corporation; SAP SE; and IBM Corporation.
In July 2020, SAP and Siemens contracted a partnership agreement to accelerate the digitization of manufacturing processes, which allows companies to develop an end-to-end digital thread for manufacturing process.
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