Ecopetrol Board Approves $3.50 Bln Investment Plan For 2017

(RTTNews) - Ecopetrol S.A. (EC) said that its Board has approved an investment plan for approximately US$3.500 billion for 2017. This plan addresses the goals set forth in the 2020 Business Plan, allocating more than 80% of investments to profitable exploration and production projects. More than 95% of investments will be made in Colombia, with the remainder made abroad.

The company noted that about US$2.850 billion will be allocated to exploration and production. The planned investment in this segment doubles the amount budgeted for 2016, in line with the 2020 Business Plan. The Investment in exploration will be increased to US$650 million in 2017 from US$282 million in 2016.

The Ecopetrol Group will continue to produce an average of about 715 thousand barrels of oil equivalent per day during 2017. This production level lays the foundation for Ecopetrol's expected increase in production by 2020 of between 760 and 830 thousand barrels of oil equivalent per day, depending on international crude oil prices.