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Economy

Oil production increases 15% during my presidency: Santos

by Toni Peters May 19, 2011

Colombia News - Juan Manuel Santos

In the first nine months of his presidency President Juan Manuel Santos said Wednseday that national petroleum production increased from 783,000 to 903,000 barrels a day, an increase of 15.3%.

The head of state announced the figures – in line with statistics from the National Hydrocarbons Agency (ANH) – at the 7th International Congress on Mining Petroleum and Energy in Cartagena Wednesday.

Santos also said that the goal for the end of his four-year term is for daily production to reach 1.15 million barrels a day.

In addition 205 contracts are to be signed allowing for the exploration of 570 wells by 2014. Forty-nine have been drilled so far.

Santos said the second big objective is to improve the transport capacity of crude oil with the hope of increasing it from 700,000 barrels a day to 1.4 million barrels a day.

Furthermore Santos wants the capacity of refineries to be increased. He said “We will continue the process of modernizing of refineries – with investment of $8 billion – to increase capacity to 85,000 barrels a day.”

The petroleum industry accounts for 5.4% of Colombia’s GDP. Santos said Wednesday that the Ministry of Defense is working on new policies to increase the security of the petroleum, energy and mining sectors.

economyJuan Manuel Santosproduction

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