Colombia’s oil reserves up 2.86% on year

Posted on May 6 2014 - 8:47pm by TNN
(Photo: Vox)

Colombia’s oil reserves grew 2.86% to 2.4 billion barrels in 2013, according to the country’s Mining and Energy Ministry.

In the last six years the increase in proven oil barrels has been at an average of 6.9% a year, according to a press release from the ministry.

Colombia’s oil reserves are the fifth largest in South America after major oil producing countries such as Brazil and Venezuela.

“This is the best figures in terms of oil reserves we have achieved in the country for the past 15 years,” Minister of Mines and Energy, Amylkar Acosta, said.

The ministry stated that over the past year there has been an increase in oil reserves coming from new fields in 39% which will gain prospectivity for the country.

Despite a recent rise in Colombia’s oil reserves, due to the discovery of new oil fields, the country is expected to run out of the fossil fuel within seven years.

MORE: Colombia only has 7 years of oil reserves: Energy Minister

 

Most of the the country’s current reserves are allocated to the export market.

Sources

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