Colombia’s Ecopetrol sets oil export record

BOGOTA, May 10 (BestGrowthStock) – Colombia’s Ecopetrol set a
record for oil and refined product exports for April, reaching
403,510 barrels per day, or the equivalent of $906 million, the
highest value since July 1999, the company said on Monday.

Ecopetrol’s (ECO.CN: )(EC.N: ) oil and derivatives volume
compared with 254,500 bpd, or $338.9 million, in the same month
a year earlier.

Exports were led by sales from the country’s Castilla oil
field in Meta province, which produced 269,230 bpd in April,
the company said.

“Sales abroad were mainly boosted by Castilla crude oil,”
the company said in a statement.

Colombia, Latin America’s No. 4 oil producer, has seen a
“miniboom” in energy investment as Ecopetrol and other
companies have stepped up exploration after improvements in
security under President Alvaro Uribe.

Uribe remains popular for making many areas of the country
safer with his U.S.-backed crackdown on leftist rebels. The
conservative leader steps down this year after two terms, with
elections set for May 30.

Colombia has certified about 3.1 billion barrels in oil
reserves, including proven, probable and possible reserves,
double the country’s average over recent years, due to a surge
in foreign investment.

Fuel oil sales boosted Ecopetrol exports with 55,570 bpd in
April, while South Blend crude oil, a blend of crude oils from
the country’s south, ranked No. 3 in exports at 44,900 bpd, due
to higher production in the Putumayo region on the border with
Ecuador.

Ecopetrol’s main export destination was the U.S. Gulf
Coast, with 58 percent of total volume, followed by Asia, with
24 percent of total exports. The company’s export price basket
reached $75 per barrel in April, the highest since September
2008.

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(Reporting by Javier Mozzo Pena; Writing by Luis Andres Henao;
Editing by Walter Bagley)

Colombia’s Ecopetrol sets oil export record