Colombia’s oil and gas production along with its proven reserves are falling and investment will likely fail to recover to pre-Covid-19 pandemic levels this decade, according to new analysis from Rystad Energy.


Colombia is Latin America’s third-largest oil and gas producer behind Brazil and Mexico, but crude oil production this year is on track to hit its lowest level since 2009. Current production is at just over 730,000 b/d, down from 754,000 b/d in 2020, Rystad data show. 

With upstream activity on the decline, the country’s proven crude reserves at the end of 2020 stood at 1.82 billion bbl, a three-year low and “a far cry from the 2.45 billion bbl recorded in 2013 when the country was flexing its muscles against regional peers,” analysts said.

Natural gas output...