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Colombia needs $7 billion a year to boost oil

Thursday, June 2, 2016

Colombia will need about $7 billion in annual investment over the next 10 years to bolster oil exploration and avoid a drastic drop in output that would lead the Andean nation to import crude by 2022, the head of the oil industry's union said.

Output in Latin America's fourth biggest oil producer has dropped to below one million barrels a day as international oil prices plunge and the industry suffers pipeline attacks from the ELN rebel group.

Source: Reuters