Ecopetrol production up 14% to 451,300b/d

Colombia's state oil company Ecopetrol reported that it produced 451,300boe/d in May 2008, an increase of 14.4% from 394,800boe/d in the same month of 2007.

The company's production for the first five months of the year rose 12.4% to 437,000boe/d compared to 389,000boe/d year-on-year, the company said in a statement.

Ecopetrol said it sold 133Mf3/d (3.77Mm3/d) of natural gas in Venezuela during the five-month period.

The company also said that it had drilled 14 of the 31 exploration wells that it is planning to drill in 2008. Ecopetrol acquired a total of 967km of 2D seismic data in the January-May period.

Crude sales rose 61.3% to 13.1tn pesos (US$7.48bn) in the first five months this year compared to 8.18tn pesos in the same period of 2007, according to the statement.

Net profit rose 218% to 4.04tn pesos from 1.27tn pesos in the first five months of 2007.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: July 4, 2008