Press Esc to close
Tuesday 09 February 2016
News updated at 5:17 PM IST
Weather
Max: 32°C
Min : 18°C
In Bengaluru
Partially cloudy

Colombia has enough oil for eight years

Bogota, Feb 21, 2013 (IANS/EFE)

Colombia only has enough oil to last another eight years and must urgently step up exploration efforts to locate more reserves, Finance Minister Mauricio Cardenas said.

"We have oil for 8.1 years and we know that's not much time to sustain a pace of 1 million barrels per day. That's why we need to find reserves quickly," Cardenas told RCN Radio.

The finance minister said, however, that Ecopetrol posted strong results last year.
"Ecopetrol's results last year were very good in the view of any analyst, but a company like that always has very significant challenges and one of them is increasing reserves, which is perhaps the thorniest one," adding that "to increase reserves you have to explore and to explore you have to invest".

Regarding the prospect of new oil finds, Cardenas said no new possibilities as big as Caņo Limon or Cusiana, located in the eastern provinces of Arauca and Casanare, respectively, have emerged.

"Finding fields like those is very difficult. None has shown potential of that magnitude thus far. There are several (fields) with some minor potential and they add up. And that's better because this isn't about winning the biggest prize, it's about winning several secondary prizes," Cardenas said.


Go to Top

Photo Gallery
Devotees gather to take holy dip at Har ki Pauri on the occasion of Somvati Amavasaya...

Devotees gather to take holy dip at Har ki Pauri on the occasion of Somvati Amavasaya...

A view after heavy snowfall in Kufri near Shimla...

A view after heavy snowfall in Kufri near Shimla...

Assam Chief Minister Tarun Gogoi dressed as Lord Ram during the Nagaon Bhaona Samaroh...

Assam Chief Minister Tarun Gogoi dressed as Lord Ram during the Nagaon Bhaona Samaroh...

Pakistani Squash team poses with their medals at the 12th South Asian Games...

Pakistani Squash team poses with their medals at the 12th South Asian Games...

Indian tennis players pose for photographs with their medals...

Indian tennis players pose for photographs with their medals...

Weightlifter Pradeep Singh of India after winning gold in 94 kg wrestling...

Weightlifter Pradeep Singh of India after winning gold in 94 kg wrestling...

Gold medal winner Rajani of India poses after 69 kg wrestling event...

Gold medal winner Rajani of India poses after 69 kg wrestling event...

Gold medal winner Vikas Thakur (C)during medal presentation ceremony of 85 kgs weightlifting...

Gold medal winner Vikas Thakur (C)during medal presentation ceremony of 85 kgs weightlifting...

American warship Antietam in Visakhapatnam...

American warship Antietam in Visakhapatnam...

Delhi Dabang(Red) and Bengal Warriors(Blue) players in action during Pro Kabaddi season 3...

Delhi Dabang(Red) and Bengal Warriors(Blue) players in action during Pro Kabaddi season 3...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523