Colombia is expected to double its oil production capacity in five years to 1.5 million bpd, according to the country’s National Hydrocarbons Agency.

The nation’s oil production in 2009 stood at 720,000bpd in 2009, which will grow to 1 million bpd in two to three years and reach 1.5 million bpd within five years.

The sector is experiencing a rapid growth in production, due to the nation’s improvements in security and the opening up of the oil sector to private investment.

Foreign investment into Colombian oil development is expected to increase 25% in 2010, according to Agency director Armando Zamora.

Colombia has become the third-largest producer in Latin America with a 12% market share in the region after Venezuela and Brazil.