Press Esc to close
Friday 30 September 2016
News updated at 5:04 PM IST
Weather
Max: 29.4°C
Min : 21.4°C
In Bengaluru
Generally cloudy
Breaking News

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
all-party meeting in New Delhi on Thursday following Indian army's surgical strikes along the LoC...

all-party meeting in New Delhi on Thursday following Indian army's surgical strikes along the LoC...

People celebrate after Indian army's Surgical strikes along the Line of Control...

People celebrate after Indian army's Surgical strikes along the Line of Control...

Artists practice the Garba dance ahead of the Navratri festival in Ahmedabad...

Artists practice the Garba dance ahead of the Navratri festival in Ahmedabad...

Virat Kohli and Gautam Gambhir at a training session at Eden Garden in Kolkata...

Virat Kohli and Gautam Gambhir at a training session at Eden Garden in Kolkata...

Olympic medal winner wrestler Sakshi Malik at the launch of Datsun redi-GO sport in New Delhi...

Olympic medal winner wrestler Sakshi Malik at the launch of Datsun redi-GO sport in New Delhi...

Around 150 students of CMR National Public School form a heart shape on World Heart Day...

Around 150 students of CMR National Public School form a heart shape on World Heart Day...

Baloch Leader Dilshad Mazdak Baloch during a protest against Pakistan in New Delhi...

Baloch Leader Dilshad Mazdak Baloch during a protest against Pakistan in New Delhi...

A Lord's like bell installed at Eden Garden in Kolkata on Thursday...

A Lord's like bell installed at Eden Garden in Kolkata on Thursday...

A leopord in Surat Zoo, Gujarat on Thursday....

A leopord in Surat Zoo, Gujarat on Thursday....

Vice President M. Hamid Ansari and Salma Ansari arrive at Murtala Muhammed International Airport...

Vice President M. Hamid Ansari and Salma Ansari arrive at Murtala Muhammed International Airport...

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