Colombia: Oil companies to invest USD 7 billion in Colombia in 08, Up from USD 6 billion 07

Foreign and Colombian oil and gas companies will spend $7 billion this year in exploration and production, 17% more than the $6 billion invested last year. Local and international oil companies are expected to drill between 85 and 90 exploration wells this year, up from the 70 they drilled last year.

In 2007, international oil companies invested $3.5 billion in exploration, production and in refineries, while the rest came in from state-owned oil company Ecopetrol (ECOPETROL.BO). Ecopetrol plans to invest $3.8 billion in production and exploration activities in 2008 to boost oil output and reserves. The investment is higher than the $3.7 billion the company announced late last year. The investment figures also include Ecopetrols efforts abroad. The company is currently seeking oil in partnership with other companies in Peru, Brazil and in the Gulf of Mexico.

Meanwhile, mining giant BHP Billiton Ltd. (BHP) is expected to drill an exploration offshore well in the Colombian Caribbean in the second half of 2008. Company most likely will begin the drilling toward the end of the year or may be beginning in 2009.

Publication: Euclid Infotech - Utilities News
Provider: Euclid Infotech
Date: February 7, 2008