Colombia’s state-run oil company Ecopetrol SA is looking to spend $500 million i...
NEW YORK - Colombia’s state-run oil company Ecopetrol SA is looking to spend $500 million in exploring unconventional deposits over the next three years, its chief executive said on Tuesday, starting with pilot programs in the Magdalena Medio region.
The proposed $500 million is part of the $12 billion to $15 billion allocated by Ecopetrol to investing between 2019 and 2021, said Bayon, adding that these pilot programs would involve participation of nearby communities as well as regulators, authorities and unions. Its use is credited for booming oil and gas production in the United States, but environmental activist have blamed it for water pollution.
Bayon said this year’s budget incorporates an estimated price of $65 per barrel of oil, “but all of our investments are tested at $55.”“I can confirm we are reviewing if we do tactical hedging for specific commercial deals,” he said, without giving more details. Ecopetrol will also look to sign more exploration and production contracts this year both in Colombia and abroad.
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