Related Articles
Forward article link
Share PDF with colleagues

Colombia’s oil bust

The Latin American heavy oil producer has had a stellar few years but will see output fall this year

Count Colombia among the collateral damage in the global oil-price war. High crude prices and smart policy fuelled a decade-long oil boom that propelled the country into becoming a major regional producer at just over 1m barrels a day. But investment is now plummeting, production is following and the country’s most important producers are facing financial crises.  Colombia’s heavy oilfields are some of the world’s most expensive to develop, making the downturn particularly painful for the country. Industry group Campetrol puts the average production cost at $35 a barrel. The country’s two largest producers Ecopetrol and Pacific E&P, formerly known as Pacific Rubiales, dispute the $35/b

Also in this section
Latest licensing rounds
16 March 2018
The industry's most comprehensive list of current and recent rounds for onshore and offshore licenses
North Sea—life in the old dog
12 March 2018
There's still plenty more value to be eked out of the maturing basin, according to one of the region's most experienced operators
Nigeria targets local upstream players with marginal field round
7 March 2018
Reinvigorating production on acreage abandoned by the majors could be a tough task