Colombia: Minister states needs to step up oil exploration, to meet demand

Posted on February 22, 2013 • Filed under: Colombia, Oil

“We have oil for 8.1 years and we know that’s not much time to sustain a pace of 1 million barrels per day. That’s why we need to find reserves quickly,” Cardenas told RCN Radio. The Finance minister said, however, that Ecopetrol posted strong results last year. Colombia only has enough oil to last another eight years and must urgently step up exploration efforts to locate more reserves, Finance Minister Mauricio Cardenas said. Read Article

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