Colombia is holding its first auction round since the downturn started in late 2014, in an attempt to reverse the nation's sliding oil fortunes. It opened in October 2017, and an April 2018 deadline was extended by one month. Colombia needs some good news. The price rout was brutal on the country, which saw investment and production wither. Oil output hit a highwater mark of 1.03m barrels a day in January 2015, achieving the country's long-held goal of joining the 1m-b/d-producer club. Its residency didn't last long though. Production started declining sharply in 2016 before settling at around 850,000 b/d in recent months, 15% off its highs. The downturn also derailed the current government's hopes of driving investment into new shale and offshore frontiers.
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