Colombian oil production steady at 1 million bpd

According to the Colombian Ministry of Mines and Energy, the country’s oil production averaged 1,070,000 barrels per day during the month of June, a slight decline over the previous month. This was the ninth straight month that the Colombian oil industry achieved its production target of 1 million bpd. Mines and Energy minister Tomás González told reporters in a press release that, “In the Government, we are working so that crude production holds steady above 1 million barrels per day.” He added that in June, “despite the collapse in prices and the terrorist attacks, the [oil] sector produced one million barrels per day.” 

Despite this recent good news, Colombian business journal Portafolio explored the question of how much longer Colombia will be able to maintain its oil production above 1 million bpd. According to the Colombian Petroleum Association, it will not last long. Because of the oil industry’s depressed oil exploration activity and the natural decline in existing fields, the Association estimates that Colombia will end the year producing just 930,000 bpd.

In other oil-related news, in the wake of the failed bid by Alfa and Harbour Energy for the oil company Pacific Rubiales, Ronald Pantin, president of the embattled Canadian oil company, told reporters that the company would continue to operate normally in Colombia. He explained that the decrease in investment by the company is simply part of the industry-wide slowdown in exploratory activities.