Colombia Hits Oil Output Goal of 1 Million Barrels

From Fox Business

Colombia announced Sunday it has reached its longtime goal of producing one million barrels of crude oil in one day, as the industry continues to expand due to massive investment from foreign companies.

The record-setting moment occurred Saturday when workers tallying up output levels at the end of the night said production was 1,015,000 barrels, Finance Minister Mauricio Cardenas said on Twitter.

“We’re among the 20 largest [oil] producers in the world,” Mr. Cardenas said. “A million barrels of oil is the best opportunity for the country to close the gap [between rich and poor] and create social and economic equality.”

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 such as Canada’s Pacific Rubiales (PEGFF, PRE.T), which operates Colombia’s largest oil field, to expand exploration and production to far-flung regions once deemed too risky.

Despite reaching the one-million mark on Saturday, Colombia conservatively projects its output average next year will be about 980,000 barrels a day. Through the first 11 months of this year, production is averaging 941,000 barrels a day, while November set a monthly record for the highest daily average, at 971,000 barrels a day.

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