Colombia on track to meet 2010 oil production goal

http://colombiareports.com/colombia-news/economy/10272-colombia-on-track-to-meeting-2010-oil-production-goal.html

Colombia's oil production has risen almost 20% since May 2009 and is on track to meet its 2010 goals, according to Colombia's National Hydrocarbons Agency (ANH) director Armando Zamora.

Last month, Colombia produced 780,000 barrels per day (bpd) compared with 653,000 bpd from the same month in 2009, which according to Zamora, sets the country on track for meeting its 2010 production goal of 800,000 bpd.

According to Zamora, although Colombia is "reaching the limits of [its] infrastructural capacity with all of the petroleum that [it is] producing... We still maintain the expectation of 800,000 barrels per day (in 2010)." He added that this goal could be achieved through increased exploration work.

The Colombian government, which has a certified level of 3.1 billion barrels in proven, probable and possible oil reserves, has predicted that this figure could rise to 6 billion over the next decade as exploration efforts continue.

According to Zamora, Colombia hopes to increase its daily production to 1.2 million within three years. Colombia's highest level of production, 820,000 bpd, was reached in the 1990s, prior to a deterioration in the country's oil infrastructure, caused in large part by rampant insecurity and guerilla attacks.

Following the election of President Alvaro Uribe in 2002, security has been increased across Colombia, allowing for the country to invest in its oil infrastructure, and also become an attractive destination for foreign investment.

In May, oil company British Petroleum announced that it plans to invest more than $300 million in Colombia between 2010 and 2011.