• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 13 hours Oil prices going Up? NO!
  • 24 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 4 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 23 mins Kenya Eyes 200+ Oil Wells
  • 5 hours The Tony Seba report
  • 1 day Oil prices going down
  • 4 mins Are Electric Vehicles Really Better For The Environment?
  • 1 day Could oil demand collapse rapidly? Yup, sure could.
  • 9 hours Saudi Arabia turns to solar
  • 2 days Oil Buyers Club
  • 2 days Gazprom Exports to EU Hit Record
  • 2 days Could Venezuela become a net oil importer?
  • 21 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 23 mins OPEC soap opera daily update
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
Alt Text

Europe Is Awash With Oil Stored On Ships

Bullish sentiment in markets makes…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

One Of The Brightest Oil And Gas Prospects In South America

Call it a tale of two countries. Venezuela and Colombia border each other, and have had no shortage of hostilities. The Chavista government in Venezuela has long been skeptical of the U.S.-friendly government in Bogota. The late Venezuelan President Hugo Chavez even sent troops to the border in 2010 as tensions escalated in a senseless game of brinksmanship.

The two countries have had dramatically different experiences in their respective oil sectors as well. Venezuela is blessed with some of the largest oil reserves in the world, and its high levels of production have underwritten the Chavista government since its inception.

However, mismanagement, corruption, and a lack of investment have caused the country’s oil output to plummet since 2000, down by about 1 million barrels per day. More importantly for future production prospects, Venezuela has scared away private companies and is failing to invest. It appears unlikely that it will be able to turn things around.

Colombia’s Reforms

Colombia has taken a different approach. It has vastly fewer oil reserves – Colombia has 2.4 billion barrels of oil reserves (although potentially much more in shale), around 100 times less than Venezuela’s 298 billion barrels. As such, Colombia has had to develop a much more diversified economy.

Despite having disproportionately smaller reserves, Colombia has succeeded where Venezuela has failed. Colombia overhauled its oil sector to attract…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News