Most Colombian oil production comes from the Magdalena
Valley north of Bogota and from the Andean foothills. Output peaked in
1999 although there will be some recovery in output as more heavy oil
developments go ahead. Fields in the Andes are complex and there is
limited offshore potential but there remain many large onshore heavy oil
Onshore gas production is associated with condensate but there is also
some offshore non-associated gas production near the Guajira Peninsula
close to the Venezuelan border. Onshore gas output is forecast to
increase as the country focuses on its gas resources to replace
declining oil output. Offshore gas output is also rising.
Colombian oil consumption is increasing slowly after
declines in the late 1990s. The country exports oil which are being
maintained as new heavy oil fields come onstream.
Gas consumption is forecast to increase as output increases with interim
small exports to Venezuela for a period.