Colombia Needs New Oil Drilling, Former Finance Chief Says
- Oil output is key to helping energy transition, Ocampo says
- Colombia had crude reserves for 7.5 years of output in 2022
Pumpjacks operate near the Ecopetrol refinery in Barrancabermeja, Santander, Colombia.
Photographer: Nicolo Filippo Rosso/BloombergThis article is for subscribers only.
Colombia needs new oil exploration after a drop in the nation’s proven reserves as the government seeks to accelerate its energy transition, according to former Finance Minister Jose Antonio Ocampo.
The Andean nation had proven crude reserves equivalent to 7.5 years of output as of the end of 2022, down from 7.6 years in 2021, according to recent data by the National Hydrocarbons Agency. Natural gas reserves dropped to 7.2 years from 8 years previously.