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Colombia’s oil production reached 725,000 barrels per day (bpd) in November, Mines and Energy Minister Hernan Martinez said Thursday.
The government expects investment in its oil sector to exceed US$3.5 billion next year, and for production to rise to 800,000 bpd.
The Andean country is now Latin America’s fourth largest oil producer. Investment has increased with the improved security situation since President Alvaro Uribe came to power in 2002. His government sent troops to retake areas once controlled by armed groups caught up in the country’s long guerrilla war. Kidnappings, bombings and attacks have decreased dramatically, reports Reuters.
