Colombian state energy firm Ecopetrol said it plans to invest $13-17B in 2020-2022, up from $12-15B over 2019-2021, as it aims to increase production by 10 from 725.0K boe/d last year to 780.0-800.0K boe/d in 2022. Ecopetrol said most (83) of this spending will be earmarked for upstream exploration and production work. The company added that $200MM of the investment will go toward exploration and development of offshore gas reserves in the country and unconventional pilot projects in the Middle Magdalena Valley basin.
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