Colombia hopes to increase its oil reserves

Colombia hopes to increase its oil reserves after a successful auction of exploration blocks, reported Caracol Radio Thursday.

Colombian Mining and Energy Minister Federico Renjifo told Caracol that 49 exploration blocks were bought by 37 global mining companies, 11 of which will be searching for hydrocarbon reserves in Colombia for the first time.

“The important thing for Colombia is to increase its reserves” Renjifo said in an interview.

The minister also stated that the “X factor” is how much of the royalties the companies pay the government, going on to claim that some had offered up to 34%, showing that there is great interest in mining in Colombia.

Colombia has reportedly added around three billion barrels in oil reserves over the last seven years and already holds around 2.3 billion barrels in reserves, with hopes that exploration expansion will only further increase this level.

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