Colombia could overtake Venezuelan oil production in ’10 years’

April 1, 2010

Colombia could overtake Venezuelan oil production in ’10 years’

oil, colombia,

An emerging markets fund manager predicts that within ten years Colombia could be producing more oil than neighboring Venezuela, in an interview with CityWire.

Francisco Alzuru, who runs the Hansberger Emerging Latin America Fund, predicts that “within ten years time you could potentially have Colombia producing more oil than their neighbour Venezuela.”

Alzuru commented that while Venezuelan oil production is declining, Colombia’s production is “growing tremendously.”

Colombia’s oil industry is booming thanks in part to security improvements and business-friendly policies implemented by President Alvaro Uribe, who gained office in 2002.

Alzuru notes that Pacific Rubiales, the Canadian-listed oil firm, has increased production from “a few thousand barrels a day, to over 100,000 barrels a day … just from the recovery of oil wells that were given up in the 70s and 80s due to the guerrilla issue and also the prices of oil.”

Figures released by Pacific Rubiales in January show that the company expects the oil output of its Colombian operations to increase to 400,000 or 500,000 barrels a day in the next four years.

Posted via web from VA Business & Finance Blog
Powered by Video Army.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: