(Ecopetrol, 27.Nov.2018) —The Ecopetrol Business Group (GEE) expects investment in 2019 of $3.5 billion to $4 billion, up 16% to 33% over the projected 2018 figure, according to Colombia’s state oil company Ecopetrol.
Investment Plan Highlights
— The investment plan approved by the Board of Directors focuses on maintaining the profitable growth that has been achieved in recent years in order to leverage the company’s future sustainability.
— Over 80% of investments will be concentrated on Upstream. 90% of the Upstream investments will be allocated in Colombia. Exploration capex will grow from about $250 million in 2018 to more than $460 million in 2019.
— The GEE’s production is expected to increase in 2019. Production is expected to reach 720,000 to 730,000 barrels of oil equivalent per day (boe/d), not including possible acquisitions.
— The Barrancabermeja and Cartagena refineries are expected to process 350,000 to 375,000 barrels of oil per day (b/d). Both refineries are expected to expand their integration and continue to evaluate profitable alternatives in order to enable a higher supply of clean fuels for Colombia.
— In 2019 Ecopetrol expects to continue pursuing opportunities to develop gas discoveries in the Colombian Caribbean offshore and participate in a pilot testing of non-conventional hydrocarbon reservoirs in the Middle Magdalena basin.
The investment plan is expected to be self-financing. Funds are expected to come from internal cash generation, supported by the Ecopetrol Group’s continuous efficiencies and a sound investment portfolio.
(Editing by Piero Stewart)
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