Colombia’s crude oil reserve increased to 2.259 billion barrels, up 10% from 2011, Colombian media reported Friday.
The Andean nation reportedly had proven reserves of 2.058 billion barrels in 2010. The new figure was released after Colombia’s oil licensing agency ANH received reports from oil companies.
According to president of Colombia’s petroleum association, Alejandro Matines, it is necessary for Colombia to continue oil exploration as current reseves will only allow production to be maintained for the next eight years.
He added that the internationally accepted standard for reserves is more than 10 years, reported financial publication La Republica
In February Colombia’s state-run oil company Ecopetrol announced its reserves had increased by 8.3% from 2010 to 2011, while the country’s largest private oil company, Pacific Rubiales, reported its reserves were up 52% in that time.