Colombia is expected to lose its self-sufficiency in oil within the next 3 to 5 years, depending on whose figures are being used. In the year 2001, oil production in Colombia is forecast to drop to 631,700 barrels per day, from an average of 687,100 in the year 2000, and a high of 815,300 in 1999. This will be the lowest production level in the last 6 years. Much of the decrease is due to the expected natural decline in production of the Cusiana field. Due to the drop in volume, less export earnings are expected: in the year 2000, export earnings reached 4.5 billion pesos, and this year will only reach 3.5 billion pesos.
Due to this situation of declining oil production, Ecopetrol, the state-owned oil company, is seeking short-term increases in production, as well as stimulating oil exploration in the country. Its goal is to reach a daily production of 1 million barrels by the year 2010. In an effort to interest more foreign investment in the oil sector, the association contract
