Colombia’s oil reserves were up to the equivalent of 7.2 years of consumption at the close of 2024, the country’s National Hydrocarbons Agency (ANH) regulator said on Tuesday.

The country’s oil reserves increased by 0.74% in 2024 to 2.035 billion barrels of crude oil, after closing 2023 at 2.020 billion barrels of oil, equivalent to 7.1 years.

Reserves of gas – a key part of the country’s energy transition – fell 13% to 2,064 giga cubic feet, the equivalent to 5.9 years of consumption, compared to 6.1 years of consumption at the end of 2023, the ANH said in a statement.

The figures are proven reserves, known in the industry as 1P.

Meanwhile, the average daily production of crude was 772,621 barrels per day in 2024, a decrease from the 777,151 barrels per day the year before.

Oil and gas are Colombia’s top exports and generators of royalties, followed by coal.

The leftist government of President Gustavo Petro has been trying to move the country towards renewable energy with limited success amid project delays and legal headaches.
Source: Reuters