Colombia's crude reserves dip in 2014

Jun 15, 2015 12:00 AM

Colombia's crude oil reserves stood at 2.308Bb at end-2014, down from 2.445Bb at end-2013.

At current production levels, the reserves will allow the country to maintain oil self-sufficiency for 6.4 years, mining and energy ministry Minminas said in a statement.

"We're seeking to increase our crude reserves and maintain production above 1Mb to continue leveraging the country's economy," said mining and energy minister Tomás González Estrada.

The minister cited measures taken by the government to improve contractual conditions for offshore E&P licenses, and to encourage oil and gas exploration in general by private firms.

Colombia has added approximately 3Bb of crude reserves in the last seven years, the statement said.

The country's natural gas reserves stood at 5.9Tf3 (167Bm3) at end-2014, which at current production levels will allow for 13.2 years of self-sufficiency, Minminas said.

González stressed the importance of adding more reserves, highlighting offshore exploration activity currently underway in the Caribbean.

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