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Colombia's Ministry of Energy and Mines published a technical regulation for drilling exploratory wells to determine the presence of oil and gas in shallow, deep or ultra-deep waters in Colombian territory.
The Colombian government wants to search for and explore oil and gas offshore reserves to increase the countries inventories of those raw materials, the Ministry said in a statement.
The oil industry in Colombia is amid a crisis in which onshore reserves will last only five years more, according to the Colombian Petroleum Association (ACP). Besides, onshore oil output is being affected by factors such as a noncompetitive tax regime and attacks against oil industry infrastructure.
Colombia's average crude oil production in May was at 851,000 barrels per day, or 0.59% smaller than in April.
