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Ecopetrol to look for new reserves abroad
AP
BOGOTA
Petroleumworld.com 04 27 06
Colombia's state-run oil company Ecopetrol said it plans to spend US$150 million (euro120 million) this year searching for new reserves in Argentina, Brazil and Peru, in its first expansion abroad.
The investment, announced Wednesday, is part of a US$1.4 billion (euro1.1 billion) Ecopetrol plan to boost production and reserves. The company invested US$900 million (euro724.4 million) last year.If Colombia doesn't find new reserves, the country will become a net oil importer by 2011, the country's hydrocarbons agency said in November.
Vast territories potentially rich in oil remain unexplored in Colombia, which shares many of the geological features of its oil-rich neighbor, Venezuela. The Llanos and Magdalena basins may have significant reserves, but have long been deemed unsafe for drilling due to the presence of leftist rebels.
"Before 2003, a legal prohibition prevented Ecopetrol from investing abroad," said Mauricio Tellez, a spokesman for the 55-year-old company. "This year, the company will start investing, ideally in areas with proven reserves and in partnership with other oil companies."
AP 04 26 06
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