Canadian oil company Gran Tierra Energy announced Tuesday a 22% on year increase in oil production in Colombia in the third quarter of 2011.
Figures show 1,882,078 barrels gross production minus 512,571 barrels in royalties resulting in a production net after royalties of 1,376,475 barrels, the company said in a press release.
For the same period in 2010, gross production registered at 1,538,656 barrels, less 396,064 barrels in royalties leaving 1,178,525 production net after royalties.
Dana Coffield, president and chief executive of Gran Tierra Energy said “The third quarter of 2011 represented a strong period with growing production, exploration success in Colombia and Argentina, and expansion of Gran Tierra Energy’s exploration portfolio in Brazil and, more recently, in Colombia.”
The company boss went on to say Gran Tierra is conducting operations on two exploration wells in Colombia.
Gran Tierra Energy operates in Colombia, Argentina and Brazil with plans to start production in Peru.