Colombia’s oil exports exceeded US$10 billion in 2009

BOGOTÁ, Colombia - Colombia's oil exports increased to US$10.27 billion last year, making the industry account for just more than a third of the nation's total foreign trade, according to a report by the energy and mines ministry. Foreign direct investment in the sector also increased in 2009 to US$2.95 billion, according to the government. The oil sector's contribution to the gross domestic product was 3.2% last year, which is nearly double the 1.78% share it produced in 2006, according to the report. "[The country was able to] move its petroleum self-sufficiency beyond 2019," largely because of an increase in exploration and production deals, which could be as many as 230 this year, the ministry reported. The country began the year with two billion barrels in its oil reserves, which represents a third more than it had in 2006, according to the report. The country's oil production has increased 48.9% since 2006, when the nation was churning 529,000 barrels daily

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