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Increased drilling activity in underused blocs by mid-2025?
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Resolution / Starting Odds
Yes • 50%
No • 50%
Reports from Colombia's energy ministry or verified environmental assessments
Story
Colombia Aims to Boost Oil Output to 1 Million Barrels Per Day Despite Declining Reserves
May 24, 2024, 01:47 PM
Colombia's energy ministry is targeting an increase in oil production to 1 million barrels per day by pressuring drillers to ramp up activity in underused exploration blocs. The energy minister aims to boost production to 800,000 barrels per day by the end of the year, up from 774,000 barrels per day in the first quarter. This initiative comes despite the country's bold climate stance. The ministry intends to leverage existing 'lazy contracts' to achieve these goals. Colombia's oil and gas reserves declined slightly during 2023.
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Similar markets
Yes • 50%
No • 50%
Increase in investments • 50%
Decrease in investments • 50%
Yes • 50%
No • 50%
Expand operations • 33%
Reduce operations • 33%
No significant change in operations • 34%
Successful • 33%
Partially Successful • 33%
Unsuccessful • 33%
Yes • 50%
No • 50%
Expand operations in Colombia • 33%
Maintain current operations • 33%
Reduce operations in Colombia • 33%
Yes • 50%
No • 50%
