Colombia’s state-run oil company Ecopetrol announced Monday it was slashing its projected capital expenditure by 60% for 2016 as the oil price shows no sign of a quick recovery.

Ecopetrol to drill in Meta

BOGOTA, June 19, 2017 – Colombia’s Ecopetrol said on Friday that it was planning to drill two exploration wells, Lorito-1 and Trogón-1, in the CPO-9 Block in Meta province in the next few weeks.

The news came after the Cumaral municipality in the province voted to ban crude production on June 4 and as the industry is eyeing nervously some 20 similar upcoming referendums in the country.

In a statement quoted by local media, Ecopetrol said it had conducted 78 meetings with local stakeholders and altered the location of the Lorito well at their request.

“These meetings have explained in detail the different prevention, mitigation, and environmental compensation measures that are included in the license that gave Ecopetrol the right to advance the exploratory activities,” the company said.

Apart from environmental protests, Ecopetrol has also recently faced protests by locals over its hiring policies and was forced to close 92 wells in Meta province in May after residents took to the streets and damaged company equipment.

Read our latest insights on: