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02 Dec 2023

Colombia's Ecopetrol to Invest up to $6.7 Billion in 2024

02 Dec 2023  by reuters   

The logo of Ecopetrol is pictured at its headquarters in Bogota, Colombia July 11, 2023. REUTERS/Luisa Gonzalez/File Photo Acquire Licensing Rights
Colombia's state-run oil company Ecopetrol (ECO.CN) will invest between $5.7 billion and $6.7 billion and produce up to 730,000 barrels per day equivalent (boepd) in 2024, it said in a statement.

A majority of that spending, about $4.8 billion, will go toward keeping production between 725,000 and 730,000 boepd, the company's refineries at between 420,000 and 430,000 barrels per day (bpd) and transporting more than a million bpd, the company said late on Thursday.

The plan includes 360 development wells and 15 exploratory ones, operations vice-president Alberto Consuegra said in a video.

About 42% of the spending plan will be focused on the energy transition, including low emissions, decarbonization, electrical transmission and natural gas supplies, the statement added.

Ecopetrol, Colombia's largest company, plans to generate some 7 trillion pesos in efficiencies during the next three years, it said.

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