- 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.