Colombia's Oil and Gas Reserves Keep Shrinking
OPEC Oil Production Jumps, But Gulf Supply Is Still Far From Normal As Oilprice’s South America correspondent, I cover Colombia (where I currently live), Venezuela, Ecuador, Peru, Brazil, Argentina, Chile, Bolivia, Paraguay, Guyana, Suriname and Uruguay.
I… For a decade, Colombia's economically vital oil industry has beencaught in a death spiral.
A combination of sharply weaker oil prices, rising geopolitical risk andanti-petroleum industry reformsimplemented by Colombia's first leftist president Gustavo Petro deterred investment, causing the operational tempo to decline.
The main issue weighing heavily on the oil patch's outlook is adire lack of proven petroleum reserves.
These are the result of a lack of spending on wildcat drilling and a poor exploration success rate.
After a lengthy delay, Colombia's regulatory authority, the National Hydrocarbons Agency (ANH),released the 2025 reporton the Andean country's oil reserves.
Since the end of the 2020 COVID pandemic, Colombia's proven oil and natural gas reserves have remained flat.
This trend is evident from the 2025 reserve report, where proven or 1P oil reserves totaled just over 2 billion barrels, a nearly 1% decrease compared to a year earlier.
Despite that drop, the productive life of Colombia's 1P reserves grew from 7.2 years for 2024 to 7.6 years.
Both proven and probable (2P) as well as proved, possible and probable (3P) reserves also declined, falling 2% and 3% year over year to 2.56 billion barrels and 2.99 billion barrels, respectively.
The moderate increase in the productive life of 1P reserves occurred for one simple reason: Colombia's oil production is in decline, falling to a multiyear low of 724,910 barrels per day for April 2026.
Indeed, that number was the lowest output since June 2021, when the Andean country lifted 694,151 barrels daily.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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