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Colombia To Maintain Oil Self-Sufficiency Until 2016 - President
Colombia To Maintain Oil Self-Sufficiency Until 2016 - President
http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20080417%5cACQD...
BOGOTA -(Dow Jones)- Colombia will maintain its oil self-sufficiency until 2016, President Alvaro Uribe said Thursday. The previous estimate was 2015.
"We can now almost say the oil sufficiency is guaranteed until 2016," Uribe said in a speech. "There is a great enthusiasm for exploration in the country."
Colombia produced on average 540,000 barrels a day last year. About half of its output is exported, primarily to the U.S.
Colombia is currently Latin America's fifth-largest oil exporter, but if production and consumption remain at the same pace and companies don't find more oil than they pump up, the country will become a net importer at some point.
Several companies found some minor oil reserves in Colombia in the past years and others raised the amount of commercial reserves as a result of higher oil prices.
Colombia enjoys a reputation for strong contractual stability and favorable terms, including royalties as low as 8%. After decades of kidnappings and attacks by rebel groups on oil infrastructure, Colombia's security situation has also improved, as beefed-up security has put left-wing guerilla groups and criminals on the run.
The Colombian government plans to auction rights to explore oil in 151 blocks in 2008.
Mines and Energy Minister Hernan Martinez recently said a few companies are in the process of labeling about 190 million barrels of new oil reserves as " proven."
-By Inti Landauro, Dow Jones Newswires; 571-6001980; colombia at dowjones.com
(Jorge Saenz contributed to this article.)
(END) Dow Jones Newswires
04-17-081911ET
Copyright (c) 2008 Dow Jones & Company, Inc.
By sloopskipper on Apr 17, 2008, 17:39 in Friendly Talkzone.
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jaramillo says on Apr 18, 2008, 05:19: Self sufficient until 2016? Meaning it will become an importer in less than a decade? If this is not an emergency I don't know what is. What the hell is Colombia doing exporting oil?
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esanch36 says on Apr 18, 2008, 05:44: they need to....they dont have the refinerys to process it. All right, I'll ask: How come it took three seconds to euthanize Eight Belles, but the Womens NBA is starting Year 12??? |
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goin_south says on Apr 18, 2008, 05:45: He's holding back; THERE'S BLACK GOLD IN THEM THAR ANDEAN HILLS!!! ..... leavin louisiana in the broad day light |
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Simon says on Apr 18, 2008, 10:15: Abril 17 de 2008 - HERE'S SIMON!!!! |
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