January 2007 to January 2009, International Finance Corporation/ The World Bank Group
Colombia is Latin America’s fifth largest oil supplier with 1.54 billion barrels of crude oil reserves in addition to 4.0 trillion cubic feet (TCF) of natural gas reserves. The country’s oil and gas sectors are vital for the national economy because it generates taxes and royalties for public spending. This is particularly important in poor rural areas as these funds can contribute to job creation and socio-economic growth at the local level. In 2005, the total royalties generated by the Colombian oil industry reached US$ 938 million.
