Colombia anticipates its 2009
oil production will be up about 10 percent, even as other oil-producers
are expected to announce further price-bolstering cuts.
The financial daily
Portafolio reported Wednesday that Colombia projects oil output of
650,000 to 700,000 barrels of oil per day this year. Last year, the
South American country averaged 587,000 barrels daily.
Colombia’s hydrocarbons regulator, Armando Zamora, says he doesn’t foresee a sharp drop in investments in the industry.
Alejandro Martinez, president of the Colombian Petroleum
Association, also said no sharp drop is expected because contracts have
already been signed. (UPI)