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Unconventional production might be a solid pillar of the government’s strategy to grow reserves, despite reservations from environmentalists. But fracking’s biggest opposition comes from the low price of oil.

Referenced as a key benchmark looking forward to keep Colombia’s reserves fresh, the number of exploratory wells drilled in 2015 is down 83.3% compared to the previous year.

Ecopetrol (NYSE:EC), Petrobras (NYSE:PBR) and Repsol (MSE:REP:MC) are advancing in offshore exploration along the La Guajira coast and the former Minister of Mines and Energy Amylkar Acosta believes that there could be announcements of oil and gas discoveries in the coming months.

A study from Wood Mackenzie found that Colombia was home to four of the largest oil discoveries in Latin America during 2014, including the largest one, which was Petrobras’ (NYSE:PBR) Orca, with 264mmboe.

Colombia’s reserves are dwindling, and exploration programs have suffered a drastic fall compared to last year, prompting speculation that Colombia could have to start importing crude in the not so distant future.

Ecopetrol (NYSE:EC) has deeply cut its 2015 Capex and wants to reduce its operational costs by 30% as well, but it will still destine US$200M to offshore development and drilling.

While known as a producer of gas, La Guajira in northeastern Colombia has characteristics that led researchers at the National University to believe that it could hold an extension of the crude deposits found in the Middle Magdalena Valley.

In a presentation to the industry and other interested parties at the ANDI’s ‘Genera’ conference recently, the ANH showed a chart saying there was just over US$7B of investment pending from E&P and TEA contracts.

With an estimated drop of 50% in 2015, budgets for exploration activities are feeling a strong pinch from the low international oil prices, bringing long term issues for Colombia’s oil industry.

Whether talking about seismic activities, exploration drilling or overall production, 2014 failed to size up to the projections and goals that the industry and government had established for the year.