Colombia to double oil production by 2014, says LatAM manager

Colombia is positioned to double its oil production levels by 2014, identifying it as one of Latin America’s most promising investment opportunities, says Alex Duffy,

the co-manager of the £1.55 billion Fidelity Latin America fund.
Whereas investment in the region is largely focused on Brazil based on its proven capacity for offshore oil supplies, Duffy argues it is Colombia which will provide more interesting opportunities, despite not being “on the radar of global investors.”
Brazil has potential access to vast offshore oil reserves, most recently demonstrated by BG Group doubling its regional estimates to 6 billion barrels, but these are largely located in “challenging” offshore locations that require expensive extraction processes.
Duffy argues Colombia’s oil reserves are largely located onshore, making for an easier extractions process.
Colombia aims to double its 2007 levels of production by 2014, reversing its position as a strong importer in 2005-6 to become a strong exporter by 2012-14.
Coupled with a “most favourable demographic” whereby 40% of the population is currently under 25, industrial developments in the region will be matched with extensive job creation programmes, predicts Duffy.
Source: Fund Web