Colombia produced 623 thousand barrels of crude oil in October, which is a 13 percent increase compared to the same month last year, the country's Hydrocarbon Agency announced.
The oil production has been on the rise throughout the year, but there's concern about the continuation of the production. The past year no significant oil reserves were found, Ecopetrol director Javier Gutierrez admitted to newspaper La Republica.
The lack of newly discovered oil fields also concerns Congress. Senator Hugo Serrano (Partido Liberal) says Colombia doesn't lacks expertize to be able to track down new oil field. "The studies and decisions by Ecopetrol are being made by inexperienced personnel. We haven't found one big oil field in 27 years," the opposition senator said.
Congress also expressed its concern of oil revenues for next year now the price of a barrel of crude oil has plummeted.
Gregory
said:
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... Oil may drop below $50 ppb. It will stay around $60 to $70, then stay in the $70's after the world relizes that the econimic picture is not a bad as the politicians make it out to be. As far as Ecopetrol goes, there is a lot more oil in Colombia then most people think. Some know where it is that have worked in sismic industry but why look for it when you may be locked up as the Dutch Oil Company people were after you tell them where it is? Advice, look for it and drill for it when the price is low and the equipment cost (Overhead) is low. Then set back and take in the monies when the price of oil goes back up. |
