Colombia’s hydrocarbons sector is one of the most successful in the world, with both output and exploration activity on an upward trajectory. In January this year, production reached 941,000 barrels per day, a 12% increase over the same time period a year before. In February, the National Agency of Hydrocarbons (ANH) launched a new round of bidding for 109 blocks.
The population exceeds 46 million people, and the country covers just over 400,000 square miles – slightly less than twice the size of Texas. Bogota is the capital, and other major cities include Medellin, Cali and Barranquilla. Spanish is the main language, although many other indigenous languages are also widely used.
Head of State
President Juan Manuel Santos is expected to continue enjoying a congressional majority as the economy is forecast to perform at a steady rate. Fiscal reforms were approved in 2011 to help reduce budget stringencies. With oil exports accounting for around 40% of the country’s earnings, real GDP is expected to grow 4.9% in 2012.
Following the investment grades given to Colombia by the world’s three main rating agencies, it has become a target for foreign direct investors. Gross fixed investment is expected to grow on average by 10.7% in the next four years. Over two-fifths of Colombia’s exports are destined for the U.S., a figure that is expected to grow following the FTA ratification.