EFTA Document EFTA01367367

31 May 2015 Integrated Oil US Integrated Oils Colombia In our view, Colombia's upstream sector is significantly challenged amidst a backdrop of low oil prices, a low reserve life at existing fields, high field operating costs, transportation bottlenecks, security concerns, and corruption charges involving Colombia's largest oil producer. From 2004 through 2008, oil production hovered around a stable 550 mboe/d before ramping aggressively in 2009 and peaking in 2013 at over 1,000 mboe/d;