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Article: Oil discovery in Colombia hardly has policy's critics gushing.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- August 25, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Steven Dudley, The Miami Herald Knight Ridder/Tribune Business News
Aug. 25--BOGOTA, Colombia -- With the nation's proven oil reserves continuing to fall, investment and exploration sagging and sabotage from a 40-year old civil war enduring, the Colombian government and its oil company, Ecopetrol, have been desperate to ballyhoo any find, small though it may be.
"Ecopetrol bet and won," the Ministry of Mines and Energy loudly proclaimed Monday after Ecopetrol said it had found 15 million barrels of crude and a small deposit of natural gas at a northwest oil field known as Gibraltar.
But what exactly had it won? Ecopetrol has spent $30 ...