Press Esc to close
Sunday 21 September 2014
News updated at 8:24 AM IST
Weather
Max: 27.1°C
Min : 20.1°C
In Bangalore
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 Caño 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
Amitabh Bachchan attends a “Kaun Banega Crorepati” event in Mumbai ...

Amitabh Bachchan attends a “Kaun Banega Crorepati” event in Mumbai ...

Gold medal winner India's Jitu Rai poses at the medal ceremony of Men's 50M Pistol shooting ...

Gold medal winner India's Jitu Rai poses at the medal ceremony of Men's 50M Pistol shooting ...

India's Heena Sindhu  during 10M Air Pistol Women's team qualification shooting ...

India's Heena Sindhu during 10M Air Pistol Women's team qualification shooting ...

Dalai Lama during inaugural speech at two-day meeting of Diverse Spiritual Traditions of India ...

Dalai Lama during inaugural speech at two-day meeting of Diverse Spiritual Traditions of India ...

John Abraham along with Spanish football player Joan Capdevila during a press conference in ...

John Abraham along with Spanish football player Joan Capdevila during a press conference in ...

India's badminton player P V Sindhu play a shot against Thailand's Buranaprasertsuk ...

India's badminton player P V Sindhu play a shot against Thailand's Buranaprasertsuk ...

ITC Chairman Y C Deveshwar meets Prime Minister Narendra Modi to hand over a cheque for  ...

ITC Chairman Y C Deveshwar meets Prime Minister Narendra Modi to hand over a cheque for ...

India's P C Thulasi plays a shot during the Quaterfinal match of women's singles badminton ...

India's P C Thulasi plays a shot during the Quaterfinal match of women's singles badminton ...

Two stray dogs on a pipe in a flooded locality on the outskirts of Srinagar ...

Two stray dogs on a pipe in a flooded locality on the outskirts of Srinagar ...

Bollywood actor Farhan Akhtar at the launch of Coca Cola Zero in New Delhi ...

Bollywood actor Farhan Akhtar at the launch of Coca Cola Zero in New Delhi ...

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