No immediate increase in oil production expected: ACP

The chairman of the Colombian Petroleum Association (ACP), Francisco Lloreda, said that even with these high oil prices resulting from the war in Ukraine, an immediate increase in oil production in the country is not expected, more than expected.

“It must be taken into account that the exploration and production of hydrocarbons it is characterized by its medium and long term, for which the companies set annual investment budgets and it is not common for them to be changed because of cyclical problems such as the current ones,” said the union leader.

Because Russia is one of the major oil producers and gas at the global level, the United States and Europe have begun to look to other markets to meet the demand for these hydrocarbons, despite the sanctions imposed on this country for its attack on Ukraine. Although Colombia is not one of the biggest players, it is an alternative on the international stage.

Lloreda said the investment in production for 2022 is estimated at $3,270 million, a 27% increase from 2021 ($2,570 million), reducing some of the natural decay of the fields and increase production by 2%.

Source: El heraldo