Ecopetrol 2011 investment could exceed US$10bn - reports

Tuesday, March 8, 2011

Colombia's state oil company Ecopetrol could exceed US$10bn in capex this year, local press reports in Colombia quoted the firm's president Javier Gutiérrez as saying.

The company recently announced its intention to invest up to US$8.5bn in its core oil and gas operations in 2011. This includes spending US$3.8bn in production, US$1.3bn in refining and petrochemical operations and US$1bn in transport.

Separate press sources also report that the firm plans to add more than 400Mboe/y in proven reserves through to 2021.

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Reports also quoted Gutiérrez as saying that Ecopetrol hopes to increase proven net reserves by 20% over the course of this year.