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Colombia announced that foreign investment in its oil sector will exceed US$3.5 billion next year, up from US$3.4 billion in 2009.
Colombia’s oil production is forecast to reach 700,000 barrels per day (bpd) by the end of 2009, up from 588,000 bpd last year, according to government figures. The Andean country is now Latin America’s fourth largest oil producer, reports Reuters.
Investment has increased in Colombia as security has improved since President Alvaro Uribe came to office in 2002, and 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. (Reuters)
