Oil is a key export and source of revenue for Colombia, but annual production has declined from one million barrels per day in 2013 to 858,000 in 2018, and several aging oil fields require investment to extend their productive life.
Solution and Impact
Financing is helping Joshi Technologies International, Inc. of Tulsa, Oklahoma to boost production in the Palagua & Caipal fields in a rural area north of Bogota. Joshi is a pioneer in horizontal well technology and other advanced production technologies which are helping the Palagua & Caipal fields to augment production beyond initial expectations.
In addition to successfully increasing output in fields that larger producers classified as marginal, this project is also creating employment opportunities by creating skilled jobs in the region and also in Tulsa, Oklahoma.