Ecopetrol Shutting Wells as Costs Surpass Oil Price, Group Says
- Driller turning off taps at several locations accross Colombia
- Colombia will struggle to meet 2016 oil production target
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Colombia’s Ecopetrol SA has started turning off the taps at several oil wells across the Andean nation as the cost of production exceeds crude prices, an industry group said.
The state-controlled producer is shutting heavy-oil wells in Colombia’s central Meta province, as well as other locations, said Ruben Lizarralde, executive president of the country’s chamber of oil goods and services, or Campetrol.