Colombia’s oil bust

The Latin American heavy oil producer has had a stellar few years but will see output fall this year

Count Colombia among the collateral damage in the global oil-price war. High crude prices and smart policy fuelled a decade-long oil boom that propelled the country into becoming a major regional producer at just over 1m barrels a day. But investment is now plummeting, production is following and the country’s most important producers are facing financial crises.  Colombia’s heavy oilfields are some of the world’s most expensive to develop, making the downturn particularly painful for the country. Industry group Campetrol puts the average production cost at $35 a barrel. The country’s two largest producers Ecopetrol and Pacific E&P, formerly known as Pacific Rubiales, dispute the $35/b f