Ecopetrol Outlines 5-Phase Growth Strategy for Production

Colombia's state oil firm Ecopetrol has a five-phase strategy to reach its production goal of 500,000 barrels of oil equivalent a day (boe/d) by 2011, acting Ecopetrol president Mauricio Salgar said in a presentation entitled Ecopetrol's Strategic Outlook.

The five-phase strategy is to accelerate exploration activities, expand in international markets, apply technologies to extract hydrocarbons from its portfolio of mature fields, enhance heavy-crude extraction capacity and focus on gas extraction.

Salgar was speaking at the 2nd Colombia Oil and Gas Investment Conference in Cartagena, Colombia.

Colombia's decision to create hydrocarbons agency ANH in 2003 broke Ecopetrol's monopoly over hydrocarbons activities in the country, forcing the company to become increasingly competitive, he said.

"It's now our responsibility to seek out our own future," he said. "Ecopetrol no longer depends on the exploration success of [companies operating in Colombia], it depends on our success and ambition as a company."

Ecopetrol currently produces roughly 300,000boe/d.

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