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.