Global Post | 7/6/2010 12:00:00 AM
In turnaround, Colombia reaps benefits from oil fields
July 6--How Colombia overcame rebel attacks and upped its oil production.
Back then, guerrilla attacks, extortion threats and kidnappings rendered many areas of the nation off-limits to oil companies. As production stagnated, fears grew that Colombia, long an oil exporter, would be forced to import.
But improved security, higher oil prices and more attractive regulatory conditions for investors have led to a surge in oil exploration and production. The government’s National Statistics Department estimated last month that daily oil production would double from the current 764,000 barrels to 1.5 million barrels by 2018.
“Colombia has changed a lot,” said Ronald Pantin, CEO of Pacific Rubiales Energy, which operates the Rubiales field in southern Colombia and is the country’s No. 1 private producer.
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