Opportunities for investment

Oil products and services

Colombia is one of the oil producing countries with the highest growth worldwide (87% for the period between 2004 and 2011, reaching the figure of 985,000 BPD). BP Statistical Review of World Energy, June 2011, Mining and Energy Planning Unit (Unidad de Planeación Minero Energética, UPME).
In 2011 the oil sector in Colombia received a total investment of US$ 6.2 billion.
Colombia became the fourth largest oil producer in Latin America ahead of Argentina, Ecuador and Peru.
The biggest players in the oil products and services sector in the world such as Schlumberger, Halliburton and Weatherford are established in Colombia.

Colombia is estimated to have potential oil reserves in excess of 47 billion barrels. Ecopetrol, 2012.
At the following Colombia Round 2012, 98 onshore blocks and 11 offshore blocks were allocated throughout the country. The National Hydrocarbons Agency (Agencia Nacional de Hidrocarburos, ANH), 2012.
30% of explored wells in Colombia are successful. ANH 2012.
In light of Colombia's oil prosperity boasting a production close to one million barrels per day, it is estimated that by 2014 there will be a further 570 exploration wells and more than 204 E&P contracts.
Colombia has potential in unconventional hydrocarbons.

Colombia currently has approximately 5,000 miles of oil pipelines. The new extension projects aim at doubling the installed capacity (approximately 5,600 miles of oil pipelines and multi-purpose pipelines combined, and 2,346 miles of gas pipelines).
There are projects to expand the Cartagena refinery to achieve a production of 160 KBD and to upgrade the Barrancabermeja to achieve a capacity of 250 KBD.

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