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Colombia aims for 20-fold increase in oil reserves

Friday, October 12, 2012

Colombia, Latin America's fourth-largest oil producer, hopes for a 20-fold increase in oil reserves to 41 billion barrels by 2030 in the best case scenario, or at least to 7.7 billion barrels in the worst case, the energy minister said on Thursday.

Oil output in Colombia has taken off over the last decade on the back of improved security, better fiscal terms and investment in heavy oil deposits.

However, the country has struggled to expand its proven reserves, currently at more than 2.2 billion barrels of oil and 5.4 trillion cubic feet of gas.

Source: Reuters