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Colombia’s Chamber of Oil Goods and Services (Campetrol) compiled a historical and graphical analysis of the pace of exploration wells since the entry of the National Hydrocarbons Agency (ANH), which paints a dismal picture of a crisis which is far worse than that of 2009.

Ecopetrol (NYSE:EC) has offered more details on its new exploration strategy through 2030, which looks to reestablish its exploratory success and replace its shrinking supply of reserves.

Missing hard drives with confidential data on offshore blocks and questions about potentially falsified contract guarantees have hit the National Hydrocarbons Agency (ANH), in what is turning into a true mystery drama playing out in local press headlines.

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.