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Colombia's Ecopetrol to meet targets as security is tightened against rebel attacks

Wednesday, March 14, 2012

Ecopetrol, Colombia’s largest oil company, expects to meet production targets this year as the government tightens security after an increase in guerrilla sabotage, Javier Gutiérrez, the chief executive officer said.

The Bogotá-based company plans to produce an average of 800,000 barrels of oil and natural gas a day and add about 400 million barrels of reserves, Gutiérrez said. A rise in pipeline attacks doesn’t mean rebels have regained strength, he added.

“Ten years ago when you talked about attacks on infrastructure, there was a certain level of uncertainty,” he said. “The country has been able to show for a long time that it does have the capacity to guarantee operating conditions.”

Source: Bloomberg