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  HOME | Colombia (Click here for more)

Colombia’s Oil Exports Total Over $10 Billion in 2009

BOGOTA – Colombia’s oil exports rose to $10.27 billion last year, accounting for just over one-third of total foreign trade, the Energy and Mines Ministry said in a report.

Foreign direct investment in the oil industry also rose last year, totaling $2.95 billion, the report said.

The oil industry’s share of the gross domestic product (GDP) reached 3.2 percent in 2009, up from the 1.78 percent share it had in 2006, the ministry said.

Colombia managed to “move its petroleum self-sufficiency beyond 2019,” thanks to an increase in exploration and production contracts, which will reach 230 in 2010, the ministry said.

A total of 225 exploration blocks are being offered, the ministry said, adding that 80 technical evaluation contracts covering potential oil fields were signed last year.

Colombia entered 2010 with oil reserves of some 2 billion barrels, or a third more than in 2006, the Energy and Mines Ministry said.

The Andean nation currently has the capacity to produce 742,000 barrels per day (bpd) of crude, with output expected to climb to 788,000 bpd by the end of this year, the ministry said.

Daily oil production has risen 48.96 percent since 2006, when Colombia produced 529,000 bpd. EFE
 

 

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