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Colombian oil output seen slumping below target

Wednesday, November 11, 2015

Colombia’s oil production is set to fall below 1 million barrels a day next year as exploration collapses and major fields age, the head of the country’s oil association said.

Producers drilled 19 exploratory wells during the first nine months of 2015, down from 80 in the same period last year, said Francisco Lloreda, president of the association. The decline threatens a government target of 1 million barrels a day through 2022.

Source: Bloomberg