Colombia must increase its daily oil production

Jun 27, 1999 02:00 AM

Colombia must increase its daily oil production to 1.3 mm bpd in order to meet demand, state oil company Ecopetrol president Carlos Rodado Noriega said.
The increase would require the country to lift reserves by 1 bn barrels between 1999 and 2002, 1.6 bn between 2003 and 2006 and by 3.2 bn between 2007 and 2010. For this some 650 exploratory wells must be drilled, at an average of 50 wells per year. Currently some 13 wells are being drilled per year.
The plan would cost $ 3.46 bn in the first four years, of which $ 1 bn would go to exploration and $ 2.52 to the development of new fields.
The executive agreed that the recent annulment of Article 58 of Colombia's Constitution, which allowed expropriations without compensation payments, could spur interest from foreign oil companies.
However, additional measures are required to convince companies to invest in Colombia, Rodado added. At the moment the country offers a profitability of 7 %, which scares off many investors.

Source: BNA via Iinoil
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