Ecopetrol to cut investments
Colombia Ecopetrol said it had earmarked some USD 1.5 billion for exploration and production activities, adding that it strives to reach an output of some 715,000 boepd this year. Production averaged 760,700 bopd in 2015. Next year, 2017, will see the company direct “a greater proportion of their investments to exploration and production,” according to a statement.
The transport, refinery and petrochemicals businesses will be allocated between USD 1.5 billion and 1.9 billion in 2016.
For more news and features on the oil and gas industry in Colombia, click here.
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