Lots of oil and gas in Colombia, but few buyers
Energy and Mines Minister Hernan Martinez Torres said current rate of hydrocarbon production is more than 730,000 bpd
and is expected to increase to over 800,000 bpd this year.
"In Colombia, if there's a big discovery, there's no one to sell it to. That's the sad part, so we have to expand our
export possibilities," Torres said. He said his aim this year is to invest $ 4 bn in exploration projects. Colombia
has about 1.6 bn barrels of proven hydrocarbon reserves.
Last year, 53 small oil and gas deposits were discovered. Gas production has increased from 700 mm cf per day to 1.1
bn cfpd at present over the past three years, therefore new export markets such as Panama and Jamaica are being
considered, he told.
A $ 3.7-bn project to expand the oil refinery in the northern city of Cartagena is underway, while the refinery in
the eastern city of Barrancabermeja is being modernized with an investment of $ 3 bn.
