Colombia’s Ecopetrol aims to double spending on exploration

Last week, Ecopetrol released its fourth-quarter and full-year results, showing earnings around $6 billion in 2016.

Now, with the price of oil rebounding somewhat and the company believing the worst of the crisis to be in the rear-view mirror, it is mounting a “new exploration strategy” that company chiefs say will be the central component of the its efforts in the coming years. Ecopetrol will more than double its exploration investment to some $650 million.

Source: Finance Colombia