Colombia oil and coal production to fall over the next decade, gov’t says

Colombia’s output of top exports oil and coal will fall by 16.9% and 28.4% respectively over the next 10 years, according to recent government predictions, but the impact will be mitigated by higher prices for both fuels.Oil production will fall to 654,000 barrels per day (bpd) in 2030, from current levels of 787,000 bpd. Production of coal – Colombia’s top mining export – will fall to 53 million tonnes by 2030, from 74 million this year, as prices rise from current levels of $29 per tonne to $46 per tonne. Colombia is attempting to increase its 2 billion barrels of oil reserves, equivalent to about 6.3 years of consumption, by expanding exploration and improving recovery levels in existing fields. It is expected to announce initial bids in its current oil round on Friday.

Source: Economic Times