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Colombia and Venezuela make peace on oil patch

Thursday, March 29, 2012

Colombia's largest company, state-controlled energy firm Ecopetrol, plans to drill for crude oil in neighboring Venezuela as the two countries continue to improve once-strained relations.

Colombian Energy Minister Mauricio Cárdenas announced the plans after a meeting with his Venezuelan counterpart, Rafael Ramírez.

Cardenas said Ecopetrol will work alongside Venezuela's national oil company, PdVSA, to revitalize already-developed oil fields in western Venezuela's oil-rich Lake Maracaibo.

Source: Dow Jones