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Sunday, February 10, 2013

Colombia expects higher average oil production in 2.013


Colombian oil output should average around 1.1 million barrels per day (bpd) in 2.013, the energy minister told a conference on thursday, rising about 16.5 percent from 2.012.
    
Latin America's fourth largest oil producer has ramped up crude production in the last decade amid improved security, fiscal terms and regulation, but producers have struggled recently with a rise in attacks and delays in permits.

"We expect that at the end of 2.013, average daily production will reach 1.1 million barrels of oil," Energy and Mining Minister Federico Rengifo said in the coastal city of Cartagena.
    
Colombia had an average output of 944,000 bpd in 2.012.

The goal this year is about 100,000 bpd higher than the average production in january of 1.01 million bpd.
    
The government has said it is comfortable with its current reserves through 2.020, but the hunt is on to find large new reserves to sustain the increase in output.
    
"We are trying to make the ratio of 6.8 years of oil reserves increase, more so since having passed 1 million barrels of oil per day, we must better reserve capacity,"Rengifo said.
    
Squeezing more out of traditional oil areas such as central meta province has increased nearterm production growth.
    
Easing security concerns have allowed greater exploitation of heavy crude areas in addition to incremental production increases at existing fields.
    
The Andean country struggled to hit 1 million bpd last year after a series of rebel attacks on oil infrastructure and delays in environmental licenses for some key fields.
        
Peace talks in Cuba between the Farc, Colombia's largest and oldest guerrilla group, and the government over the last three months could provide a much-welcome relief to the oil sector which has been considered a legitimate target by rebels.

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