Ecopetrol to increase La Cira-Infantas output

17 September 2015, News Wires – Colombia’s state-run oil company Ecopetrol and US-based Occidental Petroleum will invest up to $2 billion over 10 years to increase production at the La Cira-Infantas oilfield, in a bid to reach output of 50,000 barrels per day.

ecopetrol_privatizacion_isagen_colombia_1393375370Ecopetrol and Occidental, also known as Oxy, have jointly operated the field, located in a central area of the Andean country, since 2005.

The new investment will increase output from La Cira by more than 200 million barrels over the next decade, Reuters cited a statement from Ecopetrol as saying.

Production has already increased from 5000 barrels per day to 40,000 bpd during the last 10 years.

“The development in our alliance with Oxy has increased production at La Cira-Infantas by almost ten times,” Ecopetrol Chief executive Juan Carlos Echeverry said in the statement.

“We are pleased to start this new era,” he added, “a key part of Ecopetrol’s strategy to increase reserves and production in the coming years.”

Colombia, Latin America’s fourth-largest oil producer, recorded an average crude output of 966,000 bpd day in August. Ecopetrol accounts for more than half of the country’s production.

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