Colombia: BP plans 80,000bpd output
BP sets Colombia targets
BP and its partners in Colombia will produce an average of between 75,000 and 80,000 barrels of crude oil per day this year, Guillermo Quintero, an executive with the supermajor's Colombian unit said.
Quintero said the company will also produce an average of about 230 million cubic feet of gas per day in the fields of Cusiana and Cupiagua this year.
The amount of crude produced this year will be marginally lower than last year, while production of gas will be similar this year to the previous year.
"Output is rather stable, but declining, since these are mature fields," he told Dow Jones. "We have to invest a lot in technology that increases recovery."
BP and its partners will invest $300 million this year, Quintero added.
BP owns a 31% stake in the fields, while state-controlled producer Ecopetrol holds 50% in the business, with French giant Total holds the remaining 19%.
BP operates the fields.
Ecopetrol will take whole operation and ownership of the full fields gradually between mid-next year and 2019, as was agreed in contracts the companies signed with the government.