Thursday, July 23, 2009

Columbia Announces Largest Oil Field in its History

It's oil, oil, oil today; burning petroleum is blazing up the bandwidth. Columbia announced an upward reserve projection of an oil field: 500 million barrels, up from 100 million (link).
A Colombian oil field, operated by state petroleum company Ecopetrol ECO.CN and Canada's Pacific Rubiales Energy Corp, is estimated by the government to have 500 million barrels in reserves.

If the estimate is correct, it would make the field, located in the southern province of Meta, the biggest in Colombia. The Andean country is in a race against time to discover reserves in order to avoid becoming a net petroleum importer.

"Rubiales' reserves, which were initially estimated at 100 million barrels, today are estimated at 500 million barrels," Energy Minister Hernan Martinez said late Wednesday.
- Brewskie

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