|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Colombia (Click here for more)

Ecopetrol, Parex Reach Deal to Boost Output at Colombia Field

BOGOTA – Colombian state-controlled oil company Ecopetrol said on Wednesday it had reached an agreement with Canada’s Parex Resources to increase production and reserves at the Aguas Blancas field in the north-central province of Santander.

The deal will enable the recovery of 55 million barrels of light crude and increase the field’s output to 10,000 barrels per day by 2020, Ecopetrol said in a press release.

Under the terms of the agreement, Parex will invest around $61 million over the next three years to drill wells and develop a pilot secondary recovery program aimed at raising their production.

Total investment could rise to $700 million if that initial phase proves successful, with the Canadian company contributing 60 percent and Ecopetrol the remainder.

Located in the Middle Magdalena Basin, Aguas Blancas was discovered in 1962 and thus far has yielded a total of nearly 1 million barrels of light crude, the release said.

Earlier this month, Ecopetrol and Oxy Andina, a unit of Houston-based Occidental Petroleum, agreed to carry out a project aimed at increasing reserves by 200 million barrels at the La Cira-Infantas field, which is located south of Aguas Blancas and Colombia’s oldest.

Ecopetrol posted roughly $508 million in net income in the second quarter, down 42 percent from the same period of last year, a result the company blamed on sharply lower oil prices and guerrilla attacks on its infrastructure.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2015 © All rights reserved