Colombia’s state-controlled Ecopetrol plans to invest $12bn-15bn, or $4bn-5bn/yr, in 2019-21 to raise oil and gas output to 750,000-770,000 b/d of oil equivalent (boe/d). Ecopetrol’s capital expenditure (capex) stood at $2.92bn last year, of which $2.15bn was for production. The total was a third higher than the 2017 fgure of $2.21bn. Oil and gas output rose by 1pc to 720,400 boe/d last year, while fourth- quarter production was 733,000 boe/d, up by 2.2pc year on year. The latest investment plan assumes a benchmark crude Brent price of $65/bl.
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