U.S. company Gran Tierra Energy (GTE) allocated the majority of its 2010 budget to exploration and production of hydrocarbons to Colombia.
In total it will invest US$129.3 million, 66.3% of its total budget for this purpose, reports Portfolio.com.
The oil company plans to drill seven exploratory wells in the Andean country in 2010. Its budget for the improvement of Colombia’s oil facilities is US$37.5 million, and a further US$91.8 million is intended for seismic acquisition and exploration drilling.
Dana Coffield, the company´s president and chief executive officer said that GTE aims “to sharpen our focus in Colombia by divesting non-core properties and preparing the Company to begin the largest exploration drilling program in its history in 2010.”
Gran Tierra Energy is considered one of the most successful oil companies that has entered Colombia in recent years, as it has increased its net production of approximately 700 barrels per day in 2006 to about 14,000 today.