07/11 Closing Prices / revised 07/12/2024 07:42 GMT |        07/11 OPEC Basket   $86.11   +$0.71 cents 07/11 Mexico Basket (MME) $76.61   +$0.44 cents   05/31 Venezuela Basket (Merey)  $70 45   -$4.36 cents| 07/11 NYMEX WTI  August CLQ24  $82.62 +$0.52 cents  | 07/11 ICE Brent Sept  BRNU24  $85.40 +$0.32 cents  | 07/11 NYMEX Gasoline Aug RBQ24  $2.52 +0.6 %  |  07/11 NYMEX  Heating Oil  Aug  RBQ 24    $2.52  -0.5% | 07/11 Natural Gas August NGQ 24   $2.27  -2.6%  | 07/05 Active U.S. Rig Count (Oil & Gas)    585  +4  | 07/12 USD/MXN Mexican Peso   17.7730 (data live)  | 07/12 EUR/USD  1.0869 (data live)  | 07/12 US/Bs. (Bolivar)   $36.53030000 (data BCV)

Ecopetrol to invest up to $6.7 billion in 2024 – Reuters

The logo of Ecopetrol is pictured at its headquarters in Bogota, Colombia July 11, 2023.(Luisa Gonzalez/Reuters)

Reporting by Nelson Bocanegra and Julia Symmes Cobb, Reuters

EnergiesNet.com 12 04 2023

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.

The top union for Ecopetrol workers, USO, warned in October the company was considering cutting back some $2 billion in investment next year, but the 2024 figures are broadly in line with 2023 investment of between $6.3 billion to $7.4 billion.

The company would have competitive returns if prices for Brent were $75 a barrel next year, Ecopetrol said.

Investments between 2024 and 2026 would reach some 80 trillion pesos, about $20 billion, chief executive Ricardo Roa said in a video.

($1 = 4.045.22 Colombian pesos)

Reporting by Nelson Bocanegra and Julia Symmes Cobb; Editing by Alex Richardson

reuters.com 12 01 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top