The investment is aimed at discovering 4 billion barrels of oil equivalent, Zamora said.
ANH alone plans to spend US$800mn through 2020 in geological studies in frontier areas that have been under explored or not explored at all and has earmarked US$70mn for such studies this year, Zamora said.
ANH plans to award a total of 30 new exploration and production contracts each year. This year a total of seven E&P contracts have already been signed and a further 11 are pending ANH approval, he said.
Meanwhile Ecopetrol has budgeted just over US$90mn for exploration activities this year and US$450mn for production, company president Isaac Yanovich said in his presentation at the conference.
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