Colombia Energizes: The Leap in Hydrocarbon Investment
Colombia's hydrocarbon investment is projected to rise 8% to $4.68 billion this year, despite anticipated declines in gas production, according to the Colombian Oil and Gas Association. While crude production levels will be maintained, the gas sector faces challenges in production and reserve replenishment.
In a bold move, Colombia's investment in hydrocarbons exploration and production is expected to surge by 8% this year, totaling $4.68 billion, announced Colombia's leading industry group, the Colombian Oil and Gas Association (ACP), on Thursday.
Despite this significant financial commitment intended to maintain current crude oil production levels, the ACP warns of an inevitable decline in gas output. The investment last year stood at $4.33 billion, with ACP President Frank Pearl highlighting the need for increased spending due to natural field depletion and operational complexities.
President Gustavo Petro aims to pivot Colombia's energy reliance from fossil fuels, seeking a shift towards solar and wind energies as hydrocarbon sectors, especially gas, struggle with production and reserve challenges.
(With inputs from agencies.)
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