Ecopetrol’s president announced that the company is working to conquer the Asian market with respect to their oil sales, reported Colombia’s Caracol Radio on Friday.
The president of Colombia’s oil giant Ecopetrol, Javier Gutierrez, said he has been working with the Chinese and Indian governments to begin exporting oil to their countries, and that Ecopetrol’s goal is to be able to sell 450,000 barrels of oil per day to these new markets. The president made the announcement during a celebration of the Ecopetrol 60th year in business.
Most of the company’s oil (60%) goes to the U.S. Gulf Coast but they have been wanting to expand into the Asian market where currently 20% of exports are destined.
Gutierrez also explained that the company continues to strengthen their oil production in different regions throughout Colombia. The president indicated that one of the company’s objectives is to grow and become part of the 30 most important international businesses. To help reach this goal Ecopetrol set itself a target in 2007 of producing 1 million barrels equivalent per day (boepd) by 2015.
“Ecopetrol devoted itself to what it does best, which is to explore and exploit oil and gas,” Colombian President Juan Manuel Santos said at “Colombia’s largest and most beloved petroleum company” Ecopetrol’s anniversary celebration.