Ecopetrol Board Approves $4.8 Bln Investment Plan For 2016 - Quick Facts

(RTTNews) - Integrated oil and gas company Ecopetrol S.A. (EC, ECP.TO) said its board of directors approved the Ecopetrol Group 2016 Investment Plan for $4.8 billion. The company noted that investments budgeted for 2016 will be 40 percent less than those that were planned for 2015.

Of the total investment approved of $4.8 billion for the Ecopetrol Group, $2.78 billion will be invested in projects of Ecopetrol S.A., and $2.02 billion in projects of its affiliates and subsidiaries.

The company's investment plan will allow for maintaining average daily production of about 755,000 barrels of oil equivalent or MBOED, of which 690 MBOED will come from Ecopetrol S.A., figures similar to those reached in 2015.

According to the company, progress achieved in the business transformation plan will yield optimizations and projected savings of $760 million in 2015.