Colombia has reached its longtime goal of producing one million barrels a day of crude oil, President Juan Manuel Santos said Sunday, as the oil sector continues to expand amid record-setting investment from foreign companies.
Colombia
has
reached its longtime goal of producing one million barrels a day of crude oil,
President Juan Manuel Santos said Sunday, as the oil sector continues to expand
amid record-setting investment from foreign companies.
Colombia
is
South
America
's third-largest crude oil producer and has nearly doubled its output
over the past six years. A decline in violence related to its guerrilla war
permitted local and foreign firms to expand exploration and production to
far-flung regions once deemed too risky.
Through the first 11 months of this year, production is averaging 941,000
barrels a day, and November set a monthly record for the highest daily average,
at 971,000 barrels a day.
Despite briefly reaching the one-million mark on a particular day,
Colombia
conservatively projects its output average next year will be about 980,000
barrels a day.
The government initially said it expected to reach one million barrels a day of
oil production more than a year ago, but a temporary resurgence of attacks on
oil pipelines and other infrastructure set production levels back.
However,
Colombia
's
government recently launched peace talks with the country's main rebel group,
the Revolutionary Armed Forces of Colombia, or FARC, which resulted in a sharp
decline in attacks, allowing oil production levels to rise again.
Mr. Santos's announcement about reaching the one-million mark was made on the
Twitter account of the President's Office. Oil is
Colombia
's
main export and its top source of foreign revenue.
While the rising production generally has allowed
Colombia
's
economy to thrive in recent years, it also has brought with it some problems. The
massive levels of foreign investment, for example, has flooded the country with
dollars, causing its local peso currency to surge. This, in turn, has made it
difficult for Colombian exporters of more-traditional products such as coffee
and bananas to compete in global markets.
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