Colombia - Petroleum Project

Doclent of T'he World Bank F~OR OFFCIAL USE ONLYk jjjll'yjCRFjCjjF' COPY Report No. 10229 Re:port No. 10229-CO Type: (PCR) TWEDDLEJ, E/ X31707 / T9073/ OEDIY3 PROJECT COMPLETION REPORT COLOMBIA PETROLEUM I PROJECT (LOAN 2476-CO) DECEMBER 26, 1991 Infrastructure and Energy Division Country Department III Latin America and the Caribbean Regional Office This document has a restricted distribution and may be used bh recipienits only in the performance of their orficial duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS Currency Unit = Peso Colombiano (ColS) Average Exchange Rates 1984 US$1= Co;S 1!1 1985 US$1= ColS 189 1986 USS1- Col$ 267 1987 US$1= Col$ 374 1988 US$1- Col$ 451 1989 USS1= Col$ 570 1990 (Sept) US$1= Col$ 744 FISCAL YEAR January 1 - December 31 PRINCIPAL ABBREVIATIONS AND ACRONYMS USED CARBOCOL - Carbones de Colombia S.A. CIB - Complejo Industrial de Barrancabermeja COLGAS - Compania Colombiana de Gas CONPES - Consejo de Politica Econ6mica y Social DNP - Departamento Nacional de Planeamiento ECOPETROL - Empresa Colombiana de Petr6leos EFE - Estudio Financiero del Sector Electrico ENE - Estudio Nacional de Energia FNC - Fondo Nacional del Carb6n ICEL - Instituto Colombiano de Electricidad MEASURES AND EQUIVALENTS I metric ton (m ton) - 1,000 kilograms (kg) I metric ton (m ton) - 2,204 pounds (lb) 1 meter (m' - 3.28 feet (ft) 1 kilometer (km) - 0.62 miles (mi) 1 cubic meter (m3) - 35.3 cubic feet (cu ft) I barrel (Bbl) - 0.159 cubic meter 1 barrel (Bbl) - 42 gallons 1 metric ton of oil (API 30) 7.19 Bbls 1 kilocalorie (kcal) 3.97 Britist Thermal Units (BTU) I ton of oil equivalent - 10 million kcal (39.7 million BTU)  FOR OMCAL USE ONLt THE WORLD BANK Washington. D.C 20433 U.S A. Office of Directow General Operatens Evaluation December 27, 1991 MEMORANDUM TO THE EXECUTIVE DIRECTORS AND THE PRESIDENT SUBJECT: Project Completion Report on Colombia Petroleum I Project (Loan 2476-CO) Attached, for information, is a copy of a report entitled "Project Completion Report on Colombia - Petroleum I Project (Loan 2476-CO)" prepared by the Latin America and the Caribbean Regional Office with Part II contributed by the Borrower. No audit of this project has been made by the O;e::ations Evaluation Department at this time. 2 Attachment This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  FOR OFFICIAL USE ONLY PROJECT COMPLETION REPORT REPUBLIC OF COLOMBIA PETROLEUM I PROJECT LOAN 2476-CO TABLE OF CONTENTS Page No. PREFACE . . . . . . . . . . . . . . . . . . . . . . . . . . . . EVALUATION SUMMARY . . . . . . . . . . . . . . . . . . . . . ii PART I: PROJECT REVIEW FROM BANK'S PERSPECTIVE . . . . . . . . 1 Project Identity . . . . . . . . . . . . . . . . . . . . 1 Background . . . . . . . . . . . . . . . . . . . . . . .. Project Objectives and Description . . . . . . ... 3 Project Design and Organization . . . . . . . . . .5. . . S Project Implementation . . . . . . . . . . . . . . . . . 7 Project Results . . . . . . . . .. . . . . . . ........ 8 Project Sustainability .... . . . ........... 11 Bank Performance .... . . . . . . . . . . . ......... 12 Borrower Performance . . . . . .. . . . . . . . . . 13 Project Relationship . . . . ...... . . . 14 Consultant's Services ... . . 15 Project Documentation and Data ........ . 15 Lessons Learned . . . . . . . . . . . 15 PART It: PROJECT REVIEW FROM BORROWER'S PERSPECTIVE . . . . . 16 PART III: BASIC DATA . . . 42 Related Bank Loans and/or Credits . . . . . . . 42 Project Timetable . . . . . . . . . . . . . . . . . . . 43 Loan Disbursements . . . . . . . . . . . . . . . . . . . 44 Project Implementation indicators . . . . . . . . . . 45 Project Costs and Financing .... . . . . . . . . 46 Project Results. .. . . . . . . . . . . . . . . . . . . . 47 S'tatus of Covenants .