Colombia's Oil Reserves Plummet: A Decade's Decline

Colombia's oil industry has been in a steep decline for a decade, impacted by lower prices and policy changes. As of 2025, the country's proven oil reserves stand at just over 2 billion barrels, a nearly 1% decrease from the previous year. Despite this, the estimated productive life of these reserves has slightly increased to 7.6 years, primarily due to falling production.

Production reached a multiyear low of 724,910 barrels per day in April 2026, the lowest since June 2021. The Llanos Basin holds the majority of Colombia's reserves, with the aging Rubiales field remaining its most productive. Colombia's natural gas reserves have also experienced a sharp decline, with 1P reserves falling 17% year-over-year to 1.7 trillion cubic feet.

Natural gas output has mirrored oil's downward trend, with April 2026 production dropping 14% year-over-year. This output is now 36% lower than a decade ago, signaling a widespread challenge across Colombia's hydrocarbon sector. The lack of investment in exploration has significantly contributed to this dwindling reserve base.