Falling oil production threatens Colombia’s output target
BOGOTÁ, June 18, 2014 – Colombia produced 950,000 barrels per day in May, continuing the country’s trend of lower production in 2014.
Although output was 1.6 percent higher than in April, the figure represented a 6.7 percent year-on-year decrease for the month May. In 2013, Colombia surpassed the 1-million-barrels-of-oil-per-day (bopd) production mark, putting it on course to reach its 1.5-million-bopd production target by 2020. But so far in 2014, production has hovered just below 1 million bopd.
With proven oil reserves of about 2.45 billion barrels, Colombia’s reserves-to-production ratio is very low, with less than seven years in reserves left at the current rate of production.
“Before my arrival, the goal was to produce more than 1 million bopd. But it is equally or more important to continue increasing our reserves, which remain modest,”Amylkar Acosta, minister of energy and mines, told TOGY during an interview.