Colombia looks at shale as oil reserves plunge
Colombia’s oil production has been falling for the last four years. It’s not just the 2014 price crash that pressured output: The country’s fields are depleting and new discoveries are hard to come by because of high production costs, security challenges, and opposition from the population.
Colombia is now set to focus on unconventional oil and gas. Expert estimates put the country’s recoverable shale oil reserves at between 2.5 and 7 billion barrels, making them the third-largest in the western hemisphere, after the U.S. and Argentina.
Source: Oil Price