Colombian oil company to invest $8.48 bn in 2012

November 23rd, 2011 - 11:18 am ICT by IANS  

Bogota, Nov 23 (IANS/EFE) Colombian state oil company Ecopetrol S.A. plans to invest $8.48 billion next year and has set a goal of boosting production to 750,000 barrels of oil equivalent per day by the end of 2012, CEO Javier Gutierrez said.

The firm’s board approved the investment schedule and the updated 2012-20 strategic plan at a meeting Monday in Bogota, he said.

Ninety-four percent of Ecopetrol’s 2012 capital expenditures are destined for projects in Colombia, Gutierrez said, with $4.1 billion earmarked for production.

On the exploration front, Ecopetrol expects to drill 42 new wells next year, including six in Brazil and in US waters of the Gulf of Mexico.

The company remains committed to achieving production of 1.3 million bpd by 2020, the CEO said.

Ecopetrol, Latin America’s fourth-biggest oil company, also aims to expand its crude reserves by 6.2 billion barrels between now and 2020.


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