Commodities
Colombia Plans to Boost Oil Output With a Drilling Push
- Energy minister wants to juice existing ‘lazy contracts’
- Oil reserves fell to 7.1 years of output; gas to 6.1 years
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Colombia is targeting oil output of 1 million barrels per day by pressuring drillers to step up activity in underused exploration blocs, according to the nation’s top energy official.
The Andean nation is also taking steps to boost natural gas output, as its projections point to a shortfall by the start of next year, Mines and Energy Minister Andrés Camacho said in an interview.