Colombia to Be Oil Self-Sufficient Through 2012

23.07.06

www.bloomberg.com

Colombia’s oil exploration and production will ensure it has enough petroleum to maintain self- sufficiency through at least 2012 and perhaps as long as through 2020, the National Hydrocarbon Agency said.

The nation, which currently has 1.4 billion barrels of proven oil reserves, is making every effort to remain self sufficient through the end of the next decade, Armando Zamora, president of the National Hydrocarbon Agency told reporters today in Bogota.

`We hope to have a sufficient number of oil discoveries to achieve this objective,’’ Zamora said.

Colombia, Latin America’s fifth largest oil exporter, is stepping up efforts to develop new wells and expand production capacity after the government forecast the country would become a net importer of the fuel by 2011. Colombia needs another 2 billion barrels of proven oil reserves to avoid becoming a net importer of oil through 2020, Zamora said.

Colombia also is seeking between $300 million and $500 million in new investment for seven seismic, exploration and production projects it has planned from December this year through 2008.

The government will open the bidding in December for 10 blocks in Colombia’s Caribbean waters. In 2007 the government has an on- land project in the Caribbean, another in northern Cesar province, one in Boyaca province, just north of the capital, Bogota, and another in Colombia’s Meta province plains. In 2008, the government plans two projects, one in the Pacific Ocean and another in western Choco province, Zamora said.

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