Press Esc to close
Friday 09 December 2016
News updated at 1:58 AM IST
Weather
Max: 29°C
Min : 15°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 Cao 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
Umpire Paul Reiffel is helped by support staff after he was hit by ball during fourth test...

Umpire Paul Reiffel is helped by support staff after he was hit by ball during fourth test...

TMC members during a protest to observe a 'Black Day' against demonetization...

TMC members during a protest to observe a 'Black Day' against demonetization...

Indian captain Virat Kohli celebrates with teammates the wicket of England batsman Jonny Bairstow...

Indian captain Virat Kohli celebrates with teammates the wicket of England batsman Jonny Bairstow...

Co owner of Bengaluru Blasters, Sachin Tendulkar, Allu Arjun and others...

Co owner of Bengaluru Blasters, Sachin Tendulkar, Allu Arjun and others...

An illuminated Braham Sarovar during the ongoing 'International Gita Mahotsav-2016'...

An illuminated Braham Sarovar during the ongoing 'International Gita Mahotsav-2016'...

Shi'ite Muslims beat their chests as they attend a religious precession to commemorate...

Shi'ite Muslims beat their chests as they attend a religious precession to commemorate...

Security jawans stands guard during Encounter between Army and Militants...

Security jawans stands guard during Encounter between Army and Militants...

Fire personnel dousing fire at Sri Krishna Jute Mill,in Howrah district of West Bengal...

Fire personnel dousing fire at Sri Krishna Jute Mill,in Howrah district of West Bengal...

A free medical service were offered to public by AIADMK in memory of the J Jayalalithaa...

A free medical service were offered to public by AIADMK in memory of the J Jayalalithaa...

Swimmers from Seat Hawks exult in joy after reaching Tanneerbhavi beach in Mangaluru...

Swimmers from Seat Hawks exult in joy after reaching Tanneerbhavi beach in Mangaluru...

Like us on Facebook

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