Colombia has record oil output in February

March 10th, 2011 - 11:17 am ICT by IANS  

Bogota, March 10 (IANS/EFE) Colombia’s oil output reached a record high of 861,000 barrels per day (bpd) in February, up 13.4 percent from the same month of 2010, authorities said.

Average production in February 2010 had been 759,000 bpd, according to a report posted Wednesday on the website of the National Hydrocarbons Agency, or ANH, , which awards oil exploration and production contracts in the Andean nation.

Colombia has almost 2 billion barrels of proven crude reserves and produced an average of 785,000 bpd in 2010, as increased security led to a rise in mining and petroleum output.

The Andean country currently produces more than 1 million barrels of oil equivalent (oil and natural gas) per day, while the Energy and Mines Ministry, the ANH and state oil company Ecopetrol have jointly set a goal of reaching output of 1.5 million bpd per day by 2015.

Colombia had a record total of 120 exploratory oil wells and oil investment of more than $5 billion in 2010.

–IANS/EFE
rd

Related Stories

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |

Subscribe