Colombia Says Oil Field Holds 500 Million
Barrels
Bogota - A Colombian oil field, operated by
state petroleum company Ecopetrol and
Canada's Pacific Rubiales Energy Corp PEG.TO,
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.
Colombia produced 588,000 barrels of oil per
day in 2008.
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