October 21, 2018
Economy

Colombia’s oil production bounces back, but still down from last year

Colombia’s oil production continues to decline year over year. The country’s Ministry of Mines and Energy released their report yesterday, showing an increase of 0.52% from May of 2017 with a production of 852.46 barrels per day, but a decrease of 3.5% from June 2016, when the country produced 888 barrels per day.

The increase from last month is due to the return to theLa Cira-Infantas oil field’s return to normal operations, 14 days after being paralyzed due to terrorist attacks purportedly conducted by the National Liberation Army (ELN).

Preliminary gas production numbers are reported to be 895.736 million cubic square feet per day in June of 2017, 1% less than May 2017, and 11.75% less than May 2016, according to the Mines and Energy Ministry.

As previously reported, Colombia has oil reserves for up to 5 more years, with an estimated 1.7 billion oil barrels. The country seeks to bolster this number with new findings of conventional and non-conventional oilfields, as well as with improvements in the exploitation infrastructure.

The drop in oil production is primarily due to the drop in investment in the sector and the closure of many oil fields due to historically low petroleum prices.

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