Colombia and US sign agreement to explore for fossil fuels

Posted on Dec 3 2013 - 11:34am by Editor
Orlando Cabrales (Photo: La FM)

Colombia and the United States signed an energy agreement Sunday aimed at increasing exploration and extraction of the Andean country’s fossil fuel resources.

According to local media Portfolio.co, under the accord the two countries will exchange practices to explore for new fossil fuel deposits. The deal especially focuses on methods for exploring non-conventional resource deposits – generally deeper under ground or offshore.

Vice Minister of Energy Orlando Cabrales said the goal of the two agreement is to increase the amount of Colombia’s discovered fossil fuel reserves.

The two countries will also collaborate in technological exchanges, as well as advising on public politics, regulatory and financial frameworks.

U.S. Deputy Secretary of Energy, Daniel Poseman, also said there would be cooperation on efforts to link electricity to unconnected zones of Colombia’s countryside.

Last week, Colombia’s Energy Minister Amylkar Acosta told the press that the country’s oil reserves will be exhausted in seven years at the current rate of extraction.

MORE: Colombia only has 7 years of oil reserves: Energy Minister

Martin Catife, energy industry specialist with international consulting firm Frost & Sullivan told Colombia Reports the country’s lack of known oil reserves is not a “doomsday scenario” for the economy although “it is critically important that Colombia invests in the discovery of new oil reserves.”

MORE: 7 years of oil reserves no ‘doomsday scenario’ for Colombia: Analyst

Sources

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