Colombia's oil output expected at 700,000 bpd by end 2009
Colombia's crude oil production will likely rise to 700,000 bpd by the end of the year, the chief executive of
state-controlled oil company Ecopetrol said.
As of July, crude oil output rose to an average 657,000 bpd from 588,000 bpd in the same month last year, the
government oil-licensing agency reported. Additionally, the country's natural-gas production will likely be the
equivalent of 150,000 bpd of oil at the end of the year, Ecopetrol CEO Javier Gutierrez added.
Gutierrez made the comments at the inauguration ceremony for Ecopetrol's and Canadian-based Pacific Rubiales Energy's
235-km heavy crude oil pipeline.
In 2008, average crude oil output totalled 588,000 bpd, the highest since 2001 when output for the year hit an
average of 604,000 bpd. In 2000, the country's output reached an average of 688,000 bpd.
If local consumption and production trends continue and no significant oil discoveries are made, Colombia will become
a net oil importer by 2016, according to public remarks by President Alvaro Uribe.
The Colombian government has been actively trying to attract companies to explore for oil.
