Colombia is targeting oil production of 1 million barrels per day, putting pressure on drillers to step up activity in underutilized exploration blocks, Colombian authorities said May 24, World Oil reported.
Colombia is also taking steps to increase natural gas production as its forecasts point to a shortage early next year, Mines and Energy Minister Andrés Camacho said.
According to him, the government seeks to increase production in “lazy contracts”which may have been signed 10 or 15 years ago but have resulted in little or no exploration activity.
Thanks to these and other measures, Camacho said Colombia could increase production to around 800,000 bpd by the end of the year, up from an average of 774,000 bpd in the first quarter.
Source: Rossa Primavera
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