Colombia expects oil output to hit 1 MMbpd this year

from: Latinpetroleum

Hugo’s destruction of Venezuela is by far one of the best things that has hapen for Colombia, Panama and Brazil among other countries. Colombia received most of the Oil Industry professionals that Chavez fired. As result, in less than a decade, they have duplicated their oil output, and it is clear that are going to keep increasing.

MEDELLIN – Colombia’s oil production is expected to reach 1 million barrels per day (bpd) by the end of this year, Energy and Mines Minister Carlos Rodado Noriega said.

“We believe that we could be getting close to the desired goal of 1 million barrels (per day) by the end of the year,” Noriega said in a press conference held during a mining conference last week in the northwestern city of Medellin.

Colombia’s production totaled 953,000 bpd in August, marking an increase of 21.7 percent from the July 2010 level of 783,000 bpd, the Energy and Mines Ministry said.

“This is a clear and convincing sign that we can reach 1 million barrels (per day),” Noriega said.

The government’s goal is to achieve average production of 920,000 bpd this year and 1.35 million bpd by December 2014.

State oil company Ecopetrol plans to push output to 1 million bpd in 2015.

Colombia’s total petroleum production includes output from private oil companies, such as Canada’s Pacific Rubiales and Spain’s Repsol YPF.

President Juan Manuel Santos has said on numerous occasions that he wants to turn the energy industry into one of the five engines of Colombia’s economic growth.

Colombia’s hydrocarbons production has risen at an average rate of 14 percent over the past six years, well ahead of average economic growth of 4.5 percent.

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