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Financial News: ECOPETROL: Company Plans To Increase Investments By At

ECOPETROL: Company Plans To Increase Investments By At Least 35% In 2018

11/22/2017 - 18:22:00 (RTTNews)

(RTTNews) - Colombian state-owned oil company Ecopetrol plans to invest between US$ 3.5 billion and US$ 4 billion in 2018, a 35% to 55% increase compared to the investment estimated for 2017.

According to the investment plan approved by the Board of Directors, Ecopetrol aims at increasing reserves and production, "capturing the benefits of a more favorable international environment for the sector and keeping the efficiency's path."

The plan allocates 85% of the investments to exploration and production segments, with an increase of more than US$ 1 billion each in investment compared to 2017.

The document estimates that in 2018 the production would be between 715,000 and 725,000 barrels of oil equivalent per day (boed). Ecopetrol wants to drill 140 more wells and use of 16 additional drills compared to 2017.

The plan provides that 96% of the investment will be made in Colombia and the remainder in projects that the Ecopetrol Group has in the United States (Gulf of Mexico), Mexico, Brazil, and Peru.

The oil company clarified that the investment plan would be financed with internal cash generation, without the need to new market financing.

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