BOGOTA, Sept 30 (Reuters) - Colombia's state-owned oil
company Ecopetrol ECO.CN said on Wednesday it signed an
agreement with Canada's Parex Resources to boost reserves and
production at a field in the country's central Santander (MADRID:SAN)
province, a project that could require up to $700 million.
The deal could allow output at the Aguas Blancas field to
increase to 10,000 barrels a day by 2020, Ecopetrol said.
The agreement forms part of Ecopetrol's strategy to boost
production and investment while the global price of oil has
fallen in the past 12 months.
The first three-year phase would require investments of
about $61 million from Parex PXT.TO , the statement said.
"If successful, total investment could reach $700 million
and split 60 percent by Parex and 40 percent by Ecopetrol," the
statement said.
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Ecopetrol, Canada's Parex agree to boost reserves at Colombia field
Published 2015-09-30, 12:51 p/m
Ecopetrol, Canada's Parex agree to boost reserves at Colombia field
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