Colombia's May oil output up 8.3% on year at 1.01 MMbpd
BY DAN MOLINSKI
BOGOTA -- Colombia produced 1.01 MMbopd in May, a sharp rise from the same month of 2012 and little changed from the previous four months of this year.
The Mines and Energy Ministry said in a statement crude oil output last month was 8.3% higher from the 935 Mbpd it produced in May 2012. So far this year, production has averaged just above or just below the 1 MMbpd mark, which is the government's target production rate.
Crude production continues to respond to the policies implemented by the national government Mines and Energy Minister Federico Renjifo said in the statement, adding the priority for the government is to continue producing oil in a sustainable way and to provide incentives for exploration to increase reserves.
The ministry said proven crude reserves totaled 2.4 Bbbl at the end of December, a 5.2% increase from a year before.
Colombia has beefed up oil output significantly in recent years, helping its economy flourish. But it hasn't notched the amount of new oil discoveries it was hoping for, and at the current rate could be forced to become a net importer within seven years.
Dow Jones Newswires