INSUBCONTINENT EXCLUSIVE:
The Colombian oil industry grapples with significant changes in 2024
Foreign direct investment in the sector dropped by $539 million in the first half of the year.This represents a 30.3% decrease compared to
Campetrol, the Colombian Chamber of Petroleum, Gas, and Energy, revealed these figures at a summit in Cartagena.The oil sector now accounts
for 18% of total foreign direct investment in Colombia
This marks a slight decline from the previous year.Oil production in Colombia averaged 780,300 barrels per day from January to August 2024
This shows a small increase of 0.6% compared to the same period in 2023.However, August 2024 saw a slight dip in production compared to both
July 2024 and August 2023
The number of active oil rigs in Colombia has decreased significantly since November 2022.Oil Markets Wobble as Dollar Strengthens and
(Photo Internet reproduction)In August 2024, there were 108 active rigs, down from 155 in late 2022
This decline has led to an estimated loss of 24,700 jobs in the industry.Navigating Challenges and Seeking InvestmentThe Brent crude oil
price also trended downward in September 2024
It fell to $72.8 per barrel, a 7.8% decrease from August
billion to exploration and development projects
These funds aim to boost production and increase oil and gas reserves both onshore and offshore.The Colombian oil sector faces a complex
While production remains relatively stable, declining investment and rig counts pose challenges.In short, the industry now looks to new
investments and strategies to secure its future growth and stability.
