Colombia was rated the most attractive country in Latin America for oil investment, this month, but challenges remain.
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The risk agency says there are several threats when investing in Colombia’s oil reserves including risks of guerrilla attacks on the oil infrastructure, corruption, time-consuming and costly licensing processes, and pipeline bottlenecks.
MORE: Colombia’s oil reserves up 2.86% on year
In 2013 Colombia’s oil reserves grew 2.86% to 2.4 billion barrels. In the last six years the increase in proven oil barrels has been at an average of 6.9% a year. But just last year Colombia’s mining minister said Colombia is to run out of oil by 2020.
MORE: Colombia’s oil will run out by 2020 with no solution in sight
Sources
- Report on Ronda Colombia 2014 from Control Risks obtained by Colombia Reports.