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Ecopetrol sets 2019 capital spending at $3.5B-$4B

Nov. 27, 2018 4:35 PM ETEcopetrol S.A. (EC) StockECBy: Carl Surran, SA News Editor
  • Colombia's Ecopetrol (NYSE:EC) says it plans to invest $3.5B-$4B in 2019, slightly more than this year as it boosts spending on exploration and production projects.
  • The investment will back the state-run oil company's plan to boost production through drilling 700 wells and doubling the number of rigs in operation.
  • EC says it expects production next year of 720K-730K boe/day, slightly above the 715K-725K boe/day targeted this year.
  • The company said recently it still plans to reach $3B-$3.5B in investments this year, even though it had spent just $1.79B through the end of Q3.

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