Boosted by increased crude production, improved refining throughput and the easing of restrictions on natural gas shipments, Colombia's state-controlled Ecopetrol Thursday reported a 41.6% increase in its export volumes of crude, products and natural gas in the third quarter.
Third quarter exports averaged 513,300 boe/d, up from 362,600 boe/d a year ago, Ecopetrol said in a statement.
The export average also represented a 9.4% increase in foreign shipments over the average 469,100 boe/d exported for the preceding three months ended June 30.
Ecopetrol, which accounts for 90% of Colombia's net production of crude and equivalents, reported its total production over the third quarter averaged 872,900 boe/d, a 15.7% increase from the year-ago. Exports represented 59% of total output.
The company attributed the hefty increase in exports to improved export sales of its Castilla blend that helped push total crude exports to an average 429,300 b/d, up from 303,000 b/d over the year-ago quarter.
Natural gas shipments shot up to 28,200 boe/d as restrictions in place last year to assure local supplies to compensate for reduced hydropower were lifted. Currently, Venezuela is the Ecopetrol's prime gas customer, although Colombia has announced ambitious plans to expand the market.
Lastly, exports of refined products improved 3.3% to 55,800 boe/d from 54,000 boe/d as Ecopetrol benefited from more efficient output at its Barrancabermeja refinery, which is the midst of a $1.5 billion upgrade.
Ecopetrol said US Gulf Coast refineries over the first nine months of this year received 49% of Ecopetrol's exported crude, down from the 58.3% share over the same three quarters last year. East Asian refineries also declined slightly, to 16.3% of crude shipments, down from 18.3% last year.
At the same time, refineries in the Virgin Islands and Curacao accounted for 12.4% of all Colombian crude sales, up from 1.8% over the first three quarters of 2010.
Ecopetrol also disclosed it drilled 15 exploratory wells over the first nine months of the year, of which eight struck oil or gas. The company previously announced plans to drill at least 20 such wells this year.
