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Ecopetrol to invest $9.5 billion in quest for target

Monday, December 17, 2012

Colombian state oil company Ecopetrol announced plans to invest more than $9.5 billion in 2013 as it strives to boost output to 1 million barrels per day by 2015.

A total of $6.59 billion is to be invested directly in Ecopetrol and $2.96 billion in its subsidiaries, the company said in a statement.

Ecopetrol chairman Javier Gutiérrez said that “the investments for 2013 are consistent with the company’s mid- and long-term strategy and aligned with the goal of producing 1 million clean barrels in 2015 and 1.3 million in 2020.”

Source: Hispanically Speaking News