Since the first commercial discoveries in the late 1960s, heavy crude oil has grown in importance to become the main type of hydrocarbon produced in Colombia, with the Eastern Llanos basin being the main producing area of this type of oil. In general, the tendency in the studies that evaluate the production potential of heavy oil in the Eastern Llanos basin focuses on predicting the discovery of giant fields in a short-term, given the existence of some of them in this area; however, the field size distribution shows that the vast majority of existing fields correspond to small and medium sizes. Heavy oil projects face specific technical challenges and require large investments for their production, which, in conjunction with a lower market price, makes their economic viability difficult, especially for fields with low associated reserves. This work studies the geological potential of the region known as Llanos Orientales basin (Colombia) for the production of heavy crude oil, in order to determine the feasibility of the projects that can be developed in this area in terms of production volume. The technical characteristics associated with this type of projects are addressed with the aim of providing an estimate of the costs derived from exploration and production activities. The current applicable contractual framework is also approached. All of the above provides a complete economic evaluation of the different proposed scenarios, to later analyze different alternatives that could lead to the economic viability of such projects based on economic indicators used in the oil industry.