Los Angeles Times | 5/12/2010 12:00:00 AM
Colombia's oil production is gushing
May 12-- Output is expected to reach at least 1.2 million barrels a day by the end of 2012, one oil company official says, nearly double the average daily production reached last year.
In the latest upward revision of the nation's production targets, a top official of state-controlled oil company Ecopetrol said Monday that Colombia's crude oil output should reach at least 1.2 million barrels a day by the end of 2012, nearly double the average daily production reached last year.
The ramping up of crude production would strengthen the country's status as the region's fourth-largest oil producer and probably lead to increased Colombian exports to the U.S., analysts said. That would be good news for U.S. consumers. Although much of the world's oil resides in nations whose regimes are mercurial or hostile to the United States, Colombia is a staunch ally with a relatively stable government and economy.
Pedro Rosales, executive vice president for transportation and refining for Ecopetrol, Colombia's largest oil company, said in an interview Monday night that wildcatters in the eastern states of Casanare and Meta had met with such unexpected numbers of gushers that the company was straining to get the crude to market.
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