Ecopetrol to ramp up output in promising Colombian oil field

|About: Ecopetrol S.A. (EC)|By:, SA News Editor

Colombian's state-controlled oil company Ecopetrol (EC +1.9%) says it is ready to start ramping up production in its promising Eastern Caño Sur oil block as part of its efforts to boost production by a third over the next two years.

EC says the block is commercially viable and will see production rise to 25K bbl/day by 2016 from the current 1,700; investment will total $656M through 2018, with ~135 wells expected to be dug.

EC has said its 2012 production of 754K bbl/day will reach 1M by 2015, as it pours money into exploration and drilling.