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Colombia with enough oil for eight years at current rate of consumption

Merco Press -- “We have oil for 8.1 years and we know that's not much time to sustain a pace of 1 million barrels per day. That's why we need to find reserves quickly,” Cardenas told RCN Radio.

The Finance minister said, however, that Ecopetrol posted strong results last year.

“Ecopetrol's results last year were very good in the view of any analyst, but a company like that always has very significant challenges and one of them is increasing reserves, which is perhaps the thorniest one,” adding that “to increase reserves you have to explore and to explore you have to invest”.

Regarding the prospect of new oil finds, Cardenas said no new possibilities as big as Cano Limon or Cusiana, located in the eastern provinces of Arauca and Casanare, respectively, have emerged.

”Finding fields like those is very

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Submitted Feb 22, 2013 By: EZExit

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honda0105 Champion Author Tallahassee Posts:18,599 Points:1,607,570 Joined:Nov 2008	Message Posted: Feb 27, 2013 5:51:32 AM Ignore honda0105 Report Abuse NHLF: well, we know some believe the earth is all of 6,000 years old too...
honda0105 Champion Author Tallahassee Posts:18,599 Points:1,607,570 Joined:Nov 2008	Message Posted: Feb 26, 2013 12:00:59 AM Ignore honda0105 Report Abuse booo-hooooo!
NHLiveFree Champion Author New Hampshire Posts:11,076 Points:1,620,255 Joined:Jun 2008	Message Posted: Feb 22, 2013 11:53:38 PM Ignore NHLiveFree Report Abuse Just make up some numbers for "reserves" like the API and most countries around the world do now! There is no limitless supply of crude as some here may believe. You know the oil men, employees, speculators, and shills.
bston Champion Author Oklahoma City Posts:1,805 Points:640,100 Joined:Mar 2011	Message Posted: Feb 22, 2013 11:48:38 PM Ignore bston Report Abuse Must be nice.
N4PIP All-Star Author Miami Posts:888 Points:416,505 Joined:Jan 2012	Message Posted: Feb 22, 2013 4:29:45 PM Ignore N4PIP Report Abuse It sounds Colombia suffers from narrow-minded leaders. Time to consider energy alternatives.
MadFueler All-Star Author Winston-Salem Posts:907 Points:170,335 Joined:Sep 2012	Message Posted: Feb 22, 2013 1:23:21 PM Ignore MadFueler Report Abuse Sounds like we should be helping them explore for more, instead of supporting their neighbor to the east.
mastermariner Champion Author Texas Posts:4,247 Points:493,010 Joined:Jun 2011	Message Posted: Feb 22, 2013 10:49:58 AM Ignore mastermariner Report Abuse Bound to happen eventually
AVKZ All-Star Author Kalamazoo Posts:831 Points:291,000 Joined:Apr 2012	Message Posted: Feb 22, 2013 10:25:09 AM Ignore AVKZ Report Abuse Not long at all.
orphancarguyPE Champion Author PEI Posts:3,832 Points:731,965 Joined:Jan 2011	Message Posted: Feb 22, 2013 9:01:22 AM Ignore orphancarguyPE Report Abuse But what if no oil IS found, what then? That means that they only have 8.1 years from right now until everything stops in its tracks. Everything. This is the problem with oil; no-one anywhere in the world is finding oil in the quantities needed to sustain even current usage, let along push back the 'run out' dates. We are drawing down oil already discovered twice as fast as reserves are being added to...and the oil we are using is generally low cost oil with high ERoEI, although declining steadily, and the new oil is all high cost (low ERoEI). 70 some years after Saudi Arabia found all its oil, concentrated in several super giant 'elephant' fields, only one relatively large discovery has been found, and its only relatively large (not like the existing giants) and it is in a difficult area, and that was back in the 1970s. The Saudis have been exploring non-stop for 70 some years...it seems like that is it, except for little bits here and there. If there was any cheap oil left, we wouldn't be diddling about with oil shales, and shale oil. For anyone the slightest curious about how we are going to deal with declining ERoEI and how we are going to transition/change how we use what we have and can afford in the next ?few? years between today and when it becomes a really big problem, then I suggest you go to Tom Murphy's excellent blog, and spend a few days reading up especially on some of the older entries like 'The Energy Matrix' Its not a 'given' and there is no: a) increasing costs, declining energy b) ???? c) SUCCESS!! answers. http://physics.ucsd.edu/do-the-math/
gcalleja All-Star Author Miami Posts:904 Points:548,020 Joined:May 2011	Message Posted: Feb 22, 2013 8:01:54 AM Ignore gcalleja Report Abuse They'll find oil. This is PR to justify high prices.
oas Champion Author Maryland Posts:4,220 Points:2,139,465 Joined:Feb 2005	Message Posted: Feb 22, 2013 7:33:03 AM Ignore oas Report Abuse Those 8 years will pass quickly.
Eagle3236 Champion Author Missouri Posts:1,138 Points:207,225 Joined:Oct 2012	Message Posted: Feb 22, 2013 6:56:55 AM Ignore Eagle3236 Report Abuse Hope they are building good relationships with other South American countries!
vwilsonskis All-Star Author New Jersey Posts:727 Points:235,745 Joined:May 2011	Message Posted: Feb 22, 2013 6:55:54 AM Ignore vwilsonskis Report Abuse ask the north
rick_evans Champion Author Boston Posts:3,711 Points:1,030,970 Joined:Aug 2005	Message Posted: Feb 22, 2013 6:48:23 AM Ignore rick_evans Report Abuse Maybe they can get oil from poppies.
gougenator Champion Author Dallas Posts:29,842 Points:3,242,975 Joined:Aug 2003	Message Posted: Feb 22, 2013 6:47:50 AM Ignore gougenator Report Abuse they might suck up our oil and we export it all to them ,,hmm
prcoqui Champion Author Maryland Posts:3,945 Points:1,672,225 Joined:Dec 2006	Message Posted: Feb 22, 2013 6:30:23 AM Ignore prcoqui Report Abuse Clock is ticking.
sawdust1825 All-Star Author Illinois Posts:832 Points:434,705 Joined:Sep 2011	Message Posted: Feb 22, 2013 6:24:42 AM Ignore sawdust1825 Report Abuse To bad for them...
Jeffro61 Champion Author Cleveland Posts:2,262 Points:2,283,320 Joined:Oct 2005	Message Posted: Feb 22, 2013 6:23:09 AM Ignore Jeffro61 Report Abuse Ok
metrojeep Champion Author Fort Worth Posts:2,241 Points:432,920 Joined:Feb 2012	Message Posted: Feb 22, 2013 6:16:08 AM Ignore metrojeep Report Abuse And then what
isem Champion Author Missouri Posts:1,916 Points:421,235 Joined:Feb 2012	Message Posted: Feb 22, 2013 6:15:47 AM Ignore isem Report Abuse Bad news for Columbia...
cwashi3324 Champion Author Cincinnati Posts:2,792 Points:571,340 Joined:May 2009	Message Posted: Feb 22, 2013 6:15:36 AM Ignore cwashi3324 Report Abuse hey don't drive as many vehicles as the U.S.
bikerWI Champion Author Milwaukee Posts:1,408 Points:875,535 Joined:Apr 2010	Message Posted: Feb 22, 2013 6:14:31 AM Ignore bikerWI Report Abuse They better start conserving.
WonderfulMI Champion Author Michigan Posts:11,636 Points:1,784,960 Joined:Jun 2008	Message Posted: Feb 22, 2013 6:13:18 AM Ignore WonderfulMI Report Abuse Back in the 1880's there was an inexhaustible supply of White Pine in Michigan. In the 1890's it ran out. When I was in grade school, there was a 500 year supply of Copper in Michigan's Upper Peninsula. That ran out in the 1970's. And then, there was the supply of oil from Alaska. It is high time to switch to alternatives.
yonasb Champion Author Houston Posts:3,463 Points:736,125 Joined:Apr 2011	Message Posted: Feb 22, 2013 6:12:54 AM Ignore yonasb Report Abuse Eight years is short to find new reserve
alanhan All-Star Author Atlanta Posts:537 Points:1,155,965 Joined:Aug 2008	Message Posted: Feb 22, 2013 6:12:52 AM Ignore alanhan Report Abuse Send all speculators to Colombia.
kirzon484 Champion Author Atlanta Posts:1,856 Points:431,335 Joined:Jun 2011	Message Posted: Feb 22, 2013 6:12:41 AM Ignore kirzon484 Report Abuse drill baby drill
FocusST2 Champion Author North Carolina Posts:8,133 Points:1,376,975 Joined:Jul 2009	Message Posted: Feb 22, 2013 6:10:46 AM Ignore FocusST2 Report Abuse Bad for Colombia but oil's being found elsewhere.
dave364 Champion Author Lansing Posts:4,939 Points:1,435,470 Joined:Nov 2007	Message Posted: Feb 22, 2013 6:10:19 AM Ignore dave364 Report Abuse hang all speculators
rogerparry Champion Author Florida Posts:9,550 Points:1,914,480 Joined:Jan 2008	Message Posted: Feb 22, 2013 6:08:59 AM Ignore rogerparry Report Abuse Not good.
Petrock Champion Author Lexington Posts:9,113 Points:2,555,810 Joined:Apr 2005	Message Posted: Feb 22, 2013 6:08:14 AM Ignore Petrock Report Abuse Sounds like a great reason to raise oil prices TODAY. This is usually how it works!
dar 1 Champion Author Michigan Posts:5,887 Points:445,870 Joined:Jan 2005	Message Posted: Feb 22, 2013 6:06:53 AM Ignore dar 1 Report Abuse They better save there money so they can BUY oil...
bassakwards007 Champion Author Orange County Posts:1,122 Points:242,270 Joined:Aug 2012	Message Posted: Feb 22, 2013 6:05:27 AM Ignore bassakwards007 Report Abuse And then?
Rick52 Champion Author Milwaukee Posts:12,018 Points:1,196,695 Joined:Mar 2005	Message Posted: Feb 22, 2013 6:05:22 AM Ignore Rick52 Report Abuse They will find more..
alphanyr Champion Author Connecticut Posts:4,805 Points:673,800 Joined:Apr 2011	Message Posted: Feb 22, 2013 6:02:50 AM Ignore alphanyr Report Abuse Ok
raccoon2011 Champion Author Massachusetts Posts:1,384 Points:350,075 Joined:Aug 2011	Message Posted: Feb 22, 2013 6:00:05 AM Ignore raccoon2011 Report Abuse do they export??
MaxGasUp All-Star Author Maryland Posts:770 Points:227,640 Joined:Sep 2012	Message Posted: Feb 22, 2013 5:59:55 AM Ignore MaxGasUp Report Abuse Who cares?
chuckohio Champion Author Columbus Posts:1,248 Points:250,405 Joined:Aug 2012	Message Posted: Feb 22, 2013 5:58:26 AM Ignore chuckohio Report Abuse Eight years goes by very fast
jackson661 Champion Author Columbus Posts:3,764 Points:1,475,085 Joined:May 2006	Message Posted: Feb 22, 2013 5:58:10 AM Ignore jackson661 Report Abuse Just lik all things it will run out.
WEB0153 All-Star Author Maryland Posts:789 Points:154,075 Joined:Dec 2012	Message Posted: Feb 22, 2013 5:58:04 AM Ignore WEB0153 Report Abuse oK
stratlinetime Champion Author Kalamazoo Posts:2,271 Points:561,885 Joined:Feb 2011	Message Posted: Feb 22, 2013 5:57:54 AM Ignore stratlinetime Report Abuse Go green and stretch it out
LeeFree Champion Author Pittsburgh Posts:9,141 Points:2,241,500 Joined:Jun 2005	Message Posted: Feb 22, 2013 5:57:03 AM Ignore LeeFree Report Abuse Then I would start saving for the rainy days ahead.
daytonabiker All-Star Author Florida Posts:900 Points:199,870 Joined:Oct 2012	Message Posted: Feb 22, 2013 5:55:04 AM Ignore daytonabiker Report Abuse doesn't do me any good
Zuman Champion Author New York Posts:6,154 Points:1,896,730 Joined:May 2005	Message Posted: Feb 22, 2013 5:54:55 AM Ignore Zuman Report Abuse Well lets use it.
ILVET Champion Author Illinois Posts:14,784 Points:2,922,915 Joined:Jan 2005	Message Posted: Feb 22, 2013 5:54:46 AM Ignore ILVET Report Abuse Here we go with more aid money that we dont have
mark1962 Champion Author Albany Posts:5,726 Points:1,263,540 Joined:Sep 2009	Message Posted: Feb 22, 2013 5:53:25 AM Ignore mark1962 Report Abuse Not much!
vamike Champion Author Virginia Posts:5,311 Points:1,363,000 Joined:Dec 2008	Message Posted: Feb 22, 2013 5:51:13 AM Ignore vamike Report Abuse If they say so.
skippypa Champion Author Hawaii Posts:8,461 Points:1,738,005 Joined:Jun 2008	Message Posted: Feb 22, 2013 5:51:10 AM Ignore skippypa Report Abuse What's next
Beau2140 Champion Author New York Posts:8,286 Points:1,655,210 Joined:Oct 2008	Message Posted: Feb 22, 2013 5:49:50 AM Ignore Beau2140 Report Abuse Whatever.
Alderaan Veteran Author Greenville Posts:487 Points:234,720 Joined:Feb 2012	Message Posted: Feb 22, 2013 5:48:22 AM Ignore Alderaan Report Abuse okay.
JCUBE Champion Author Michigan Posts:8,559 Points:1,913,270 Joined:Aug 2003	Message Posted: Feb 22, 2013 5:46:21 AM Ignore JCUBE Report Abuse So we've got 500 yrs. supply in the ground and it's constantly regenerating, but the politicians, greenies and bi bailed bank speculators don't want this known...it's been talked about enough now get it out of the ground and bring prices down.