Colombia, South America's third-largest oil producer behind Venezuela and Brazil, said it expects crude oil production to surge to a record level this year after investments from Chinese firms and Mexico's Carlos Slim, the gentleman that resides atop the most recent Forbes list of billionaires.
Spending on exploration and production projects in Colombia could top $3.5 to $4 billion this year as the country aims to eclipse 850,000 to 900,000 barrels per day in production, according to Bloomberg News. Slim's Grupo Carso SAB entered Colombia's oil market for the first time last month, Bloomberg reported.
Sinopec (SNP), China's second-largest oil producer, and Repsol (REPYY), Spain's largest oil company, are among the foreign oil companies that are active in Colombia. State-run Ecopetrol (EC) is Colombia's largest oil company.
Colombia is looking to double its oil output to 1.4 million barrels per day by 2014. The country believes it can boost its oil transportation to 1.2 million barrels per day within two years.