As of the end of 2019, the proven reserves were at 2.04 billion barrel which also amount to 6.3 years of consumption. Regardless of the decrees to 1.82 billion barrels, the life expectancy for Colombia's proven oil reserves remain at 6.3 years due to a fall in production, which kept the projected life expectancy of those reserves stable.

"The lifetime of crude reserves in 2020 remained stable, we stayed at 6.3 years. It is important that, despite the heavy fall in crude prices, which affected reserves, we were able to maintain this life expectancy. There was also a fall in demand, which is reflected in production numbers," Mines and Energy Minister Diego Mesa said.

Colombia's 3P reserves - which combines the proven reserves with probable, and possible reserves - finished 2020 at 3.07 billion barrels, 9.5% below the 3.39 billion barrels at the end of 2019 (Thomson Reuters, 2021).

Proven gas reserves closed 2020 at 7.7 years of consumption and representing the third consecutive annual decline in Colombia's 1P gas reserves (Thomson Reuters, 2021).

Colombia hopes to sign 15 new exploration contracts this year, said Armando Zamora, president of the national hydrocarbon agency (Thomson Reuters, 2021).