Ecopetrol plans $10.6B capex in 2014

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

Colombia's Ecopetrol (EC) said on Friday it plans capital spending of $10.6B in 2014, an 11% Y/Y increase which would help the country boost crude reserves, drill 20 exploratory wells mostly onshore, and revamping one of its two main refineries.

The 2014 plan forecasts average production of 770K boe/day in Colombia, and 819K boe/day when subsidiaries the company holds a stake in are included; EC and its share of the subsidiaries averaged 791K in the first nine months of 2013, up 5.4% Y/Y.

Most of the new exploratory wells will be drilled in the Eastern Plains, a promising oil region where EC just announced 35M barrels of proven reserves in an area it has been drilling together with Talisman Energy (TLM).