Colombia projects exploration concessions begin operations early 2000

May 12, 1999 02:00 AM

New oil exploration licenses in Colombia should begin operations early 2000 after the government handed down changes to oil royalty payments and state company Ecopetrol said it would reduce its stake in oil associations, Colombian Petroleum Association (ACP) president Alejandro Martinez said.
The ACP is confident that the recent modifications to oil policies should lure foreign and local private companies to increase exploration activities in Colombia.
Colombia's current proven oil reserves would only cover domestic demand until the year 2007, after which the country would begin to import crude and derivatives.
The ACP groups most of the private oil operators in Colombia.

Source: BNA via Iinoil
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