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Colombia Needs New Oil Drilling, Former Finance Chief Says
Colombia needs new oil exploration after a drop in the nation’s proven reserves as the government seeks to accelerate its energy transition, according to former Finance Minister Jose Antonio Ocampo. The Andean nation had proven crude reserves equivalent to 7.5 years of output as of the end of 2022, down from 7.6 years in 2021, according to recent data by the National Hydrocarbons Agency. Natural gas reserves dropped to 7.2 years from 8 years previously. “The recent report from the agency clearly shows that we should do more exploration,” Ocampo, 70, said in a phone interview. “The problem is not for this ... (full story)