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MinHacienda on oil reserves and security

Wednesday, February 20th, 2013 Category: Regulations & Policy

In an interview with RCN Radio, MinHacienda Mauricio Cárdenas spoke of the need to increase oil reserves and the consequences of last year’s attacks against pipelines in the country. Cardenas said that considering there is enough oil in Colombia only for the next eight years, it is necessary to increase exploration; and this needs investment: “we need to explore properly: first, seismic activity. Then the expensive part of drilling wells, which can be worth US$30M, US$40M or US$50M.” He added that “this year Ecopetrol has US$10B, of which US$6B are for exploratory process. They are drilling more wells than at any time in their history. “

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