Ecopetrol sets $ 80 bn budget for 2011-2020

Jul 14, 2010 02:00 AM

Ecopetrol will invest $ 80 bn between 2011 and 2020 in a bid to double its output, the company said.
Ecopetrol, Colombia's state-controlled oil company, said it will invest 79 % of the amount in seeking new oil and gas reserves and in production infrastructure. The remaining 21 % will be invested in refineries, transportation infrastructure, biofuel production and other activities.

As a result of the exploration-and-production efforts, Ecopetrol expects to raise its output to 1.0 mm barrels of oil equivalent a day in 2015 and 1.3 mm barrels in 2020, up from 586,000 barrels in March of this year. Output next year will be 871,000 barrels of oil equivalent a day, the company said.
The company wants to increase its output of crude oil, natural gas and unconventional hydrocarbons. Ecopetrol plans to add 6 bn barrels of oil equivalent of new proven reserves between 2008 and 2020.

"Definitely, this long-term planning is good for the company, but there is still a long path to achieve the 2015goal and even more for the 2020 target," Colombian brokerage Interbolsa said in a report. "For us, this press release is part of the media management that the oil companies do across the globe."
Including all its subsidiaries in Colombia, Brazil, Peru and the US, Ecopetrol plans to invest $ 8.48 bn in 2010.

Ecopetrol used to be fully owned by the government until Colombia floated a 10.1 % stake on the local stock market in 2007 and made the company more independent to allow it to boost investment and grow.
Ecopetrol's previous investment plan was a program of $ 60 bn over the period 2008-2015.

Source / Dow Jones Newswires
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