Fracking could give Colombia’s oil industry a new lease on life. Latin American states like Colombia have been important producers of oil and gas for this southern continent, the Caribbean and North American markets. Colombia’s crude oil production is primarily located onshore, in the northwest and centre of the country, close to major refined product-consuming regions. Meta Department, in central Colombia, is an important production area, producing predominately heavy crude oil. The area’s Llanos Basin contains the Rubiales oilfield, the largest producing oil field in the country. “Today we produce 900,000 barrels of oil, we use about 400,000 barrels for domestic use and for that we have reserves for six years,” states Oil and Mining Minister, Maria Fernanda Suarez. Additionally, “about 500,000 barrels are exported and bring in dollars,” said Suarez. In fact, oil accounts for about half of the country’s legitimate exports and is one of the main […]