Reported 6 months ago
Colombia aims to increase its oil output to 1 million barrels per day by encouraging drillers to ramp up activity in underused exploration blocs, according to the country's top energy official. The government is also taking steps to boost natural gas output to address an expected shortfall by the start of next year. President Gustavo Petro's administration, focused on fighting climate change, is not issuing new drilling licenses but is instead looking to exploit existing blocs more effectively. Through various measures, including setting requirements for contracts and preventing contract flipping, Colombia aims to increase oil output to around 800,000 barrels per day by the end of the year.
Source: YAHOO