The Colombian Petroleum Association (ACP) said investment in Colombia’s oil industry is set to grow by 23 percent in 2020. In the meantime, production will be effectively flat, increasing just 0.5 percent compared with the previous year.
Up from $4.03 billion in 2019, investment in the oil and gas industry in the country this year will jump to $4.97 billion. Investment in production accounts for $4.05 billion. The amount is a 25 percent increase from last year.
Compared with an average of 886,000 in 2019, the total crude output is expected to increase to only 890,000 bpd.
In a push to boost the country’s energy sector, Colombia signed 31 contracts in 2019. The government wants to increase its oil reserves from 6 years to at least 10 years.
Spending for exploration in 2020 is expected to hit $920 million-$1 billion. Offshore projects are expected to make around $250 million-$260 million of that figure.
