Bogota — Colombian state-run energy firm Ecopetrol will invest between 22 trillion and 27 trillion pesos ($5.88 billion-$7.21 billion) next year, it said late on Thursday, roughly in line with 2025 as it pledged “disciplined” capital allocation.
Ecopetrol plans to drill between 380 and 430 development wells – 95% in Colombia and 5% in the United States – and eight to 10 exploratory wells, mostly in Colombia, it said in a statement.
The energy company expects to produce between 730,000 and 740,000 barrels of oil equivalent per day next year, earmarking about 17.2 trillion pesos of its investments for that, or around 70% of the total.
“This plan maintains investment levels compared with projected 2025 year-end figures, under capital discipline criteria for each business line,” Ecopetrol added.
The investment plan was based on a projected Brent crude price of $60 per barrel and an average exchange rate of about 4,050 pesos per U.S. dollar.
($1 = 3,742.7400 Colombian pesos)
Reporting by Nelson Bocanegra; Editing by Joe Bavier and Gabriel Araujo – Reuters
