Oil and Gas

Oil and coals have always been an important industry in the economy of Colombia. From 2007 to 2012, Colombia increased its daily oil production by 77% and became the 4th largest oil producer in Latin America. In the upcoming years there will be an investment of $2,600 billion dollars to conduct explorations. In Colombia over 30% of explored wells are successful and more than 50% of the total territory is yet unexplored. Recently, the gas industry has become an important industry as well due to the discovery of reserves. Besides oil and gas, Colombia has broadened its view to biofuels and other renewable energies. (Source: Flanderstrade.com and Investincolombia.com)