Canacol Energy Ltd., an oil firm listed in Toronto and Bogota, aims to increase its output to 35,000 barrels of crude oil per day by 2015, the company’s chief executive said Wednesday.
The company, which has operations and projects in Colombia, Brazil and Guyana, currently produces 5,700 barrels per day and will increase output to 7,000 barrels daily by the end of the year.
Canacol has a 10% working interest in the heavy crude oil-rich Capella field, which is Colombia’s largest oil discovery in more than 25 years. China’s Sinochem International Corp. owns the rest of the field, which has proven and probable reserves of 2.2 billion barrels.
“We expect to get Capella producing at a peak of 100,000 barrels per day in 2015…. Considering our stake in a portfolio of 19 projects, we’ll be producing at least 35,000 barrels per day by that point,” Canacol CEO Charle Gamba told Dow Jones Newswires.
Some 95% of Canacol’s current oil production comes from Colombia.
Gamba is in Chile introducing Canacol to local institutional investors as the Chilean, Colombian and Peruvian stock exchanges integrate to create Latin America’s largest stock exchange in terms of companies listed and second largest by market capitalization.
“We’re looking to expand our institutional support…there are already many Chilean investors in Colombia and the stock exchange integration will surely increase the ease and number of cross-border investments,” Gamba added.