Colombian Oil Revenue Predicted to Drop by Half

Colombia’s revenue from exports of crude and derivatives in 2009 will be roughly half last year’s total of $12 billion, the Colombian Oil Association, or ACP, forecast Thursday.

ACP President Alejandro Martinez said that, because of the “different scenario of international prices,” estimates are that exports will generate revenues of between $5.2 billion and $6.8 billion.
Oil prices are down approximately $100 from record highs last summer, prior to the onset of the global financial crisis.

The ACP forecast includes the 12 percent increase in oil production that the Colombian government has estimated for this year, when daily output is expected to average 660,000 barrels compared with 590,000 in 2008.

Martinez acknowledged in a conference call that the “scenario of low prices” per barrel of oil in 2009 will have an effect on budgets for investing in oil exploration and production.

Rigzone