Press Esc to close
Tuesday 21 April 2015
News updated at 10:55 PM IST
Weather
Max: 33.4°C
Min : 21.6°C
In Bengaluru
Sunny day

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
Tribute to JB Pattanaik

Tribute to JB Pattanaik

Galina Gorlova stands outside her destroyed home as she speaks to neighbours in the village of Nikis

Galina Gorlova stands outside her destroyed home as she speaks to neighbours in the village of Nikis

Atletico Madrid's coach Simeone attends a news conference in Madrid

Atletico Madrid's coach Simeone attends a news conference in Madrid

Pal community mass marriage ceremony

Pal community mass marriage ceremony

Indian students take part in a fitness program in Ahmedabad

Indian students take part in a fitness program in Ahmedabad

One World Trade Center stands in Lower Manhattan,

One World Trade Center stands in Lower Manhattan,

People buy gold on the occassion of Akshaya Tritiya

People buy gold on the occassion of Akshaya Tritiya

People flee Sanaa with their belongings after an air strike hit a nearby army weapons depot

People flee Sanaa with their belongings after an air strike hit a nearby army weapons depot

An F/A-18C Hornet launches from the flight deck of the aircraft carrier USS Theodore Roosevelt

An F/A-18C Hornet launches from the flight deck of the aircraft carrier USS Theodore Roosevelt

People take part in the Color Run near the Eiffel Tower, in Paris

People take part in the Color Run near the Eiffel Tower, in Paris

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