Colombia’s state-owned oil company Ecopetrol SA expects the nation’s oil output to reach 1.3 million barrels per day in 2020, by which time the company will have invested $80 billion, according to a statement released Wednesday.
Exploration and production will receive 79% of the sizable investment, while 21% will be used for refining, transportation, trading and biofuels, reports EFE.
The company is aiming to produce 1 million “clean” barrels per day by 2015, which the oil giant says will be “in harmony with environmental and interest groups.”
In March, an emerging markets fund manager predicted that within ten years Colombia could be producing more oil than neighboring Venezuela.
BP PLC in late March handed over the operation of the Cupiagua field in Colombia to Ecopetrol SA, after 28 years of joint administration with the Colombian state-owned company.
BP had operated the field and had a 31% stake in the venture, while Ecopetrol had 50% and French Total SA (TOT) held the remaining 19%. The handover had been planned.
Colombia, which is Latin America’s fourth largest producer of oil, wants to double its known oil reserves and build on the already booming industry in the Andean nation.