Colombia's Minister of Mines and Energy, Andres Camacho, said that his country is seeking to achieve the goal of oil production reaching one million barrels per day, by increasing pressure on exploration companies to intensify activity in underexploited exploration areas.

Camacho pointed out that the government is focusing on maximizing production in areas of “dormant contracts” that may have been signed 10 or 15 years ago, and which have been restricted by some companies, pointing out that this effort is accompanied by an incentive policy to encourage exploration companies to invest in these areas.

Although Colombian President Gustavo Petro considers combating climate change a top priority, he refuses to sign new exploration licenses, aiming to maximize the benefit from already existing areas.

International oil companies are also seeking to expand gas production in Colombia, and the Hydrocarbon Agency is expected to publish a report examining the country’s reserves by the end of last year.

It is noteworthy that until the end of 2022, proven oil reserves have declined to the equivalent of 7.5 years of extraction at the current rate, and natural gas reserves to the equivalent of 7.2 years.