Oil declining, Colombia offers new deal in Houston

[bemildred]

BOGOTA, Colombia,
March 9 (Reuters) -
Scrambling to halt a
slide in crude output,
Colombian officials
head to Houston this
week to sweeten the
terms for foreign
companies that search
for oil in the war-torn
South American
country.
...

Colombia's strongest
selling-point may be
Cano Limon, long the
Achilles heel of the
country's oil industry.
Rebel bombings attacks
on Cano Limon fell to
34 last year, compared
with 170 in 2001 and 42
in 2002. There have been
only two bombings so
far in 2004.

...

Oil output in Colombia dropped to 541,000 barrels per day last year from 815,000
bpd just five years ago as the biggest fields decline. Output is forecast at 530,000 bpd
in 2004.

...

"My impression from following Colombia from a distance is that there are a 1,001
better places to invest oil money. It's a big shame, since it's clear there are large
resources and the country would be much better off if those resources were
developed."

Forbes

[bemildred]

1. (Another story:) Colombia may buy diesel, gasoline as output falls

BOGOTA, Colombia,
March 9 (Reuters) -
Colombia's state-run
Ecopetrol said on
Tuesday it may begin
importing diesel fuel in
the second half of 2004
and buying crude as soon
as next year if oil output
keeps falling as forecast.


Ecopetrol President
Isaac Yanovich told
reporters that without a
new discovery soon, the
company would need to
buy crude from private
firms to supply the
300,000 barrels per day
it needs for its
refineries.

Forbes