Colombia sitting on big oil reserves

[Judi Lynn]

Source: FT

Colombia sitting on big oil reserves
By Ed Crooks in London

Published: April 1 2008 22:04 | Last updated: April 1 2008 22:04

Colombia’s heavy oil area could hold 20bn barrels of recoverable resources, giving the country greater reserves than leading producers such as Mexico and Algeria, said its natural resources agency.

Foreign investment in Colombia’s oil and gas industry is booming, and the country hopes to lift oil production to 1m barrels a day in the next decade, from about 550,000 b/d currently.

Colombia’s heavy oil potential is dwarfed by that of its neighbour Venezuela, which is estimated to have at least 240bn barrels recoverable in its Orinoco belt region. But Colombia has the great advantage of welcoming foreign investment.

It is one of the few countries with significant resources becoming more accessible to international companies, and capable of growth in oil exports.



Read more: http://www.ft.com/cms/s/0/e7ab6bcc-0014-11dd-825a-000077b07658.html

[acmavm]

1. Oh my. How fortuitous. bush**s bestest buddy is president of Columbia

no less. They may not have to bomb them into submission.

[zonmoy]

9. there are rebels against the "democratic leader"

we will support the leader against the rebels with our troops.

[arcos]

17. Do you mean Colombia? nt

[dwp6577]

2. *** BREAKING NEWS ***....Terrorists in Columbia

America must step in and help liberate Columbia from ...oil...uh...oh, I mean evil :)

[Tempest]

3. The Columbian government is more than happy to give its oil to the U.S.

As long as they continue to receive the military support that keeps them in power.

[arcos]

18. Do you mean Colombian? nt

[arcos]

15. Do you mean Colombia? nt

[Joanne98]

4. Stop the Colombia trade deal!!!!!!!

[Baby Snooks]

5. Colombia. It's not just for drug cartels anymore.

And here everyone thought the Bushes only cared about the drug cartels which support the CIA in South America. Wherever there's a Bush, there's oil. Makes you wonder how much oil lies off the coast of Cuba.

[balantz]

6. The drug trade was just one convenient side product for profit and control,

down there, and here in the states.

When it comes to greed and manipulating resources and peoples' lives they leave no stone unturned.

[Baby Snooks]

8. The Dynasty

My personal theory is Samuel Bush was envious of the Rothschilds and decided he would have his own dynasty. The difference between the Rothschilds and the Bushes is that everything the Rothschilds have touched turns to gold. Everything the Bushes have touched turns to shit.

[fob]

7. I looked up daily US oil consumption and taking the internets

at its word, says the US petroleum consumption is 20,687,000 BARRELS per DAY. So 20 BILLION barrels of recoverable oil in Colombia at the same rate of consumption is just shy of 3 years supply, yet at 1 million barrels a day in production it would take 54 years to get at it all.

[Baby Snooks]

10. Gasoline as a luxury...

Reality is that Hubbert was right and we are seeing international peeking and depletion. We are running out of oil. There will always be some oil. But it and its products will become a luxury. The price at the pump is predicted to keep rising. And that is something I doubt anyone can change. Even Congress. Unless we want to subsidize our own gasoline through higher taxes which will result if Congress removes the gasoline tax which is probably all Congress can do.

Congress then would have to address the impact on the "cost of living" which I doubt Congress can do unless we become a totally socialistic society completely subsidized by the ourselves.

The oligarchy is in many ways the oilgarchy. I doubt even the oligarchy is going to survive the oilgarchy.

[whistle]

11. Columbia could join both the cocaine and oil cartels and really have the U.S.

...by the short hairs

[sofa king]

14. Nah, they're a fascist oligarchy, just like us.

We're the best of friends, and they're good for a bump in the girl's room, from what I hear.

[arcos]

16. Do you mean Colombia? nt

[Javaman]

12. Pfft! the key words here are "heavy oil"...

stinky sulfur rich crap crude that takes an enormous amount of energy to refine. But I guess these days with most of the good easy sweet crude gone, they (moron* and his room full of dopes) will take anything.

[Texano78704]

13. True enough

But with oil running $100+ a barrel and no shortage of buyers, it is worth it to Colombia to pump it out of the ground. This is particularly true since their domestic production has fallen to the point where Colombia now imports oil.

[AlphaCentauri]

19. 30 million poor, oil and drugs what a mix. n/t

[NashVegas]

20. If I Were Hugo, I'd Keep A Close Eye On My Milkshake

Just sayin' ...

[ronnie624]

21. Interesting.

Notice how using the profits from their resources to benefit the citizens of Venezuela, Bolivia and Ecuador, translates into "unfriendly policies towards business". It is assumed that the reader already "knows" that it is "foreign investment" that is really important. Apparently, it should be obvious to everyone, that the profits from national resources belong to the corporate elites.

At times, Bizarro World can be quite maddening.

[Judi Lynn]

22. If you didn't see bemildred's article in "editorials," yet, you will want to read this:

Apri1 1, 2008

"However the Empire Decides"
Cocaine, Colombia and the Cartels
By PATRICK IRELAN

On March 1, in a widely publicized incident, Colombian troops invaded Ecuador, where they killed 26 members of the Revolutionary Armed Forces of Columbia (FARC), including Raúl Reyes, a long-time FARC leader. This incursion into Ecuadorian territory set off a brief diplomatic firefight in which Venezuela sided with Ecuador.

The incident ended peacefully, but not before the Colombian government claimed that its troops had left the scene of the raid with a laptop computer that had belonging to Reyes. This laptop, Colombia's police chief said, contained numerous documents, including one proving that Venezuela had paid $300 million to the FARC.

In response, Vice President Ramón Carrizales of Venezuela said, "We are used to the Colombian government's lies."

After the initial anger had given way to calm reflection, it appeared that the entire incident might be forgotten. But on March 14, the New York Times reported that an anonymous American official had said that "American investigative teams" were helping the Colombians "pull information from recently seized computers." These computers had been gathered at the site of the March 1 raid, and they had inexplicably multiplied from one to more than one.

Just to show how concerned they were, George Bush and Condi Rice began to talk about Venezuelan support for "terrorists." For the United States, anyone we don't like is now simply a "terrorist," and the Iraqis know what we do to people like that.

More:
http://www.counterpunch.org/irelan04012008.html

Appeared originally when bemildred posted it here:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x349916