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Colombia speeds up permits for oil companies

Thursday, June 21, 2012

Colombia, South America's number three oil supplier, is speeding environmental permits for oil companies as delays threaten to derail an output target of 1 million barrels a day this year.

Fields awaiting permits include Rubiales, the nation's largest, said Orlando Cabrales, president of the state-run regulator, National Hydrocarbons Agency.

Colombia will need new oil discoveries to repeat a surge in production tha talmost doubled the country's ouptut since 2006, said Cabrales.

Source: Bernama