Despite significant potential, Colombia’s oil and gas industry has had a variety of highs and lows due to political disruption, varying international interest and other determining factors. With a more stable political outlook for the coming years, Colombia hopes to get its oil output back on track, but it is still uncertain whether the South American country will achieve this goal.
Related How To Profit From Europe’s $800 Billion Energy Crisis At present, Colombia relies on just three onshore provinces – Llanos; Lower Magdalena; and Middle Magdalena Valley, to provide 85 percent of its gas demand. Most of the fields in these regions are mature and are experiencing a decline rate of between 5 and 11 percent.
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