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Figure 18: Colombian Oil Production and Reserves 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 1000 900 800 700 600 500 400 300 200 100 0 "oil reserves" "oil production" Source: BP Energy Statistics Colombia offers one of the most interesting petroleum stories in Latin America, a scenario where, over the last decade, resource nationalism played a role by its absence. It was assumed that Colombia would become a net oil importer after the drastic decline of oil reserves and production in the 1990s and the low levels of exploration. However, today Colombia produces around 900,000 b/d and is Latin America’s third largest oil supplier to the United States. A combination of very low oil prices, high security risks, and unattractive fiscal terms ended private investment in Colombia’s oil sector in the late 1990s. Ecopetrol’s limited investment capabilities were not sufficient to reverse the drastic decline in production and reserves. By 2004, Colombia embarked on drastic industry reform that had at its center the implementation of a modern tax/royalty concession model. The government’s share of revenues was significantly reduced, making Colombia one of the most attractive locations for private company investment. Management of the concessions was entrusted to a new regulatory body, the National Hydrocarbon Agency (ANH), and Ecopetrol was required to compete on a level playing field with private competitors. To ensure financial independence from the government budget, the government sold up to 10 percent of Ecopetrol shares. This was not a privatization process but, rather, a clever mechanism allowing ordinary citizens to gain ownership of the company for a modest fee. Strict restrictions were imposed on the re-sale of the shares to avoid concentration of the company in a few private hands. The reforms transformed the petroleum sector. Hundreds of companies are now exploring and producing oil in Colombia (although most production remains concentrated in few companies). Ecopetrol accounts for 40 percent of the output. 19 oil reserves billion barrels oil production thousadab b/d 2010 2005 2000 1995 1990 1985 1980PDF Image | Infrastructure and Environment Department
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