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Colombia Sees Record Output as Carlos Slim Seeks Reserves

Colombia, South America’s third-largest crude producer, said oil output will climb to a record this year amid investments by China and billionaire Carlos Slim.

Spending on exploration and production may surpass $3.5 billion to $4 billion this year, when annual output will exceed a 1999 peak to reach a record of 850,000 to 900,000 barrels a day, said Armando Zamora, director general of the state-run National Hydrocarbons Agency. Transport capacity is scheduled to reach 1.2 million barrels per day within two years, he said.