Colombia Oil Reserves up 7% in 2017- Energy Ministry

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(Reuters, 3.May.2018) – Colombia said on Wednesday its oil reserves were up 7 percent to 1.78 billion barrels at the end of last year, as exploration, production and investment recovered after the global fall in crude prices.

At 2017 production levels the reserves are equivalent to 5.7 years of output, the energy ministry said in a statement. The figure was up compared to the 2016 figure of 1.66 billion barrels.

“In 2017 the increase in investment was also important. Investment in exploration and production reached $3.4 billion, up 67 percent from $2.04 billion in 2016,” Mines and Energy Minister German Arce said in the statement.

The Andean country produced 312 million barrels of oil last year, the ministry said.

Gas reserves increased to 11.7 years equivalent, the statement said, up from 10.3 years in 2016.

Colombia, the fourth biggest oil producer in Latin America, was battered by the global fall in prices and continues to grapple with on-going attacks on pipelines by National Liberation Army rebels, who oppose the presence of multi-national oil companies.
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