Colombia only has enough oil to last the next eight years, according to Treasury Minister, Mauricio Cárdenas, hence it’s urgent to increase exploration which will lead to the discovery of new oil reserves, especially after guerrilla attacks against pipelines such as the one in Caño Limón-Coveñas generated a loss of about one million dollars per day in 2012.
“We have oil for 8.1 years and we know that’s not a lot of time to sustain a rhythm of one million barrels per day, which is why we need to find reserves quickly,” Cárdenas said during an interview with RCN Radio. He did, however, acknowledge that Ecopetrol’s results for last year were very positive. A company like that, he explained, always has important challenges and increasing reserves is one of them. “Exploration is imperative to increase reserves,” Cárdenas stressed, “and investment is imperative for exploration.”
While Cárdenas also said that yearly production might have been 10,000 bpd more than it was if terrorist attacks hadn’t been an issue, he also mentioned that the Air Force and the Army have made significant contributions to increasing the level of security in recent months.