According to a report by Dow Jones Newswires, Colombia's state-run Ecopetrol expects to increase production to more than 600,000 barrels of oil equivalent per day (boepd) by 2011. Last year, the company produced an average 447,000 bopd.
Ecopetrol's Chief Executive, Javier Gutierrez, confirmed Thursday that the oil company -- which pumped 458,000 boepd in the first quarter of 2009, up from 431,000 boepd in the corresponding period of 2008 -- will boost production levels to 531,000 boepd by the end of the year.
The rise in production will be possible due to an increase in output from existing fields, as well as acquisitions of producing properties, both local and international, Guiterrez added.
In line with its plans to grow into a leading producer, Ecopetrol intends to pump a daily output of 1 million bopd by 2015.
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