Colombian state oil company Ecopetrol tripled its heavy crude production from 2003-08. The company produced an average of 98,000b/d of heavy crude in 2007 and passed the 110,000b/d mark in January 2008. Ecopetrol, meanwhile, plans to average 121,000b/d of heavy crude production in 2008, with the figure rising to 170,000b/d by 2011.
Ecopetrol has its sights on the upcoming heavy crude rounds in Colombia and the company will compete with public and private majors and juniors for the blocks. A total of US$2.8bn will be spent to increase production at Ecopetrols heavy crude blocks and US$2.37bn to upgrade the Barrancabermeja refinery that processes heavy crude.
An additional US$658mn will be spent to increase transport infrastructure. Increased transit infrastructure is expected greatly to improve the economic feasibility of heavy crude. While heavy crude can be produced for around US$3/b, trucking prices can reach over US$10/b where no pipeline infrastructure exists.
Publication: Euclid Infotech - Utilities News
Provider: Euclid Infotech
Date: February 13, 2008
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