Ecopetrol alters investment scheme

BOGOTá, September 30, 2016 – Ecopetrol plans on investing USD 13 billion between 2017 and 2020, the Colombian state-run firm said in a statement to the country’s financial regulator yesterday.

The plan involves cutting costs by USD 700 million and a liquidation of assets to the tune of USD 700 million-1 billion. A total of 60% of the investment will go to upstream activities. The scheme is based on oil prices staying at USD 50 per barrel and maintained production of 760,000 bpd.

The company also said that if oil prices continue to rise, it could reach expenditures of up to USD 11.5 billion on exploration and production during the allotted time.

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