Who We Are

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 17%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. 

In 2012, we made a strategic shift to onshore gas exploration in Colombia, identifying the Lower Magdalena Valley Basin as a promising but under-explored gas-rich basin. We acquired a number of gas exploration blocks through acquisitions and exploration auctions, and in 2014 we solidified our position as the largest exploration land holder in the basin. Through our successful exploration drilling programs and our ability to efficiently commercialize new gas reserves, we have grown our reserves and production significantly over the years with industry-leading success rates. With a forward drilling inventory of more than 178 identified prospects and leads containing approximately 20.5 Tcf of new prospective natural gas resources3 , we are positioned to continue growing our production and reserves well into the future.

We take our environmental, social and governance (ESG) responsibilities very seriously. We are committed to further strengthening our ESG strategy and reporting to ensure industry-leading results for our stakeholders. We are committed to reducing our carbon footprint and contributing to global efforts and commitments to address climate change. We also recognize the importance of clean and abundant water and will continue to adopt and promote initiatives to protect and conserve water resources in the areas where we operate. We believe that our people are the key to our long-term success, which is why we have focused on attracting and retaining industry-leading talent and holding ourselves to the highest standards of sustainability.

Our Strengths:

  • Experienced and focused management and technical teams
  • Culture of innovation, technical excellence, and corporate social responsibility
  • Track record of increasing conventional gas reserves & production
  • Long-term fixed price US denominated sales contracts, providing low volatility and relatively high realized gas prices
  • Low operating costs, supporting high and stable margins
  • Large exploration potential in a proven play with low levels of competition, relatively low risk prospectivity

1. Source: Ministry of Mines and Energy (2021). “Transición energética: un legado para el presente y el futuro de Colombia.”
2. Source: Canacol & Ministry of Mines and Energy.
3. Source: Independent resources report prepared by Boury Global Energy Consultants Ltd, effective December 31, 2021.