Ecopetrol to spend $ 2 bn in 2007 on exploration

Dec 26, 2006 01:00 AM

Colombia's state oil company Ecopetrol plans to invest $ 2 bn in 2007 to explore new hydrocarbons reserves. Ecopetrol will have spent some $ 1.3 bn in 2006, a report said.
Colombia's oil production will be 520,000 bpd in 2007. Ecopetrol and other companies must invest to sustain that level of production in the future, finance minister Alberto Carrasquilla was quoted as saying.

The investment is needed to recover the country's proven reserves that topped 3 bn bbl in years back, dropped to 1.5 bn bbl in 2004, remained constant in 2005 and increased a bit this year, Carrasquilla said.
Ecopetrol aims to invest $ 12.5 bn over the next five years to sustain the country's output levels.

Source: BNamericas
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