Petrotesting Colombia SA, one of the most active privately-owned local companies in the country's recent upsurge in oil prospecting, is close to obtaining World Bank support for expansion plans, an official said last week.

Petrotesting wants financing from the International Finance Corporation, a World Bank affiliate, to boost its crude output to 30,000 barrels per day by the end of the year, from about 10,000 bpd now, the firm’s vice president, Manuel Gonzalez, told Reuters.
“We have almost finished negotiating with the World Bank, via the IFC,” said Gonzalez.
The IFC is planning to provide Petrotesting with up to $35 million with a combination of a loan and share purchase, according to the IFC's website.
 The company plans to spend $85 million on exploration and development through 2008, the IFC said.