Colombia’s rapid rate of oil production led to an extremely lucrative 2012, but the country’s oil reserves can reportedly only sustain this pace for eight more years.
In 2012, the state-owned oil giant, Ecopetrol, recorded net profits of $15 billion marking the firm’s second most profitable year ever.
“Ecopetrol gave us excellent results last year…which fills us with optimism,” said Colombia’s finance minister, Mauricio Cardenas Wednesday.
Yet as much as Colombia is optimistic about Ecopetrol, the minister warned that the country only has enough reserves to last it for eight more years, posing a serious threat to the economy.
“To increase our reserves we need to explore and to explore we need to invest…
During the first half of 2012, Ecopetrol pipelines and production facilities were attacked a total of 67 times which dramatically dampened productivity.
MORE: Cano Limon pipeline halted by bombings; oxy may halt operations
MORE: Foreign direct investment in Colombia oil and mining sector swells
Sources