In February 2013, Colombia announced that it produced an average of 1.01 million barrels of oil per day in January, as reported by MercoPress news agency. Prior to the May 2012 Colombia Free Trade Agreement, the Ministry of Mines
and the National Hydrocarbons Agency in Colombia had projected to reach 1.2Million barrels per day by 2014. The announcement served as a demonstration of Colombia’s rise in the oil industry as the no.4 oil producer in Latin American. The WSJ reports that a reduction in guerrilla violence in Colombia over the past 10 years has allowed the oil industry to expand drilling in sites once considered too dangerous. The FARC rebel group, however, lifted a cease-fire in January 2013,
and has resumed it attacks on oil infrastructure MercoPress reports. While such attacks maybe worrisome to investors, Americans should be aware that managing the costs sporadic guerrilla violence is part of doing business in this growing economy. Chinese imports of oil and gas machinery and services continue to maintain a competitive advantage in lower cost equipment similar to establish vendors reports the US Department of Commerce.
The Department reports that the best prospects for Oil and Gas Machinery needs are:
- Seismic activity services
- Improved analytical seismic computer codes
- Drilling equipment
- Wellhead equipment
- Improved production stimulation
- Enhanced oil recovery for sited with dwindling production
- Crude oil and natural pipeline design and construction services
Contact LOIGICA today to learn more about Oil and Gas Machinery exports to Colombia and other parts of South America.