ANH, Ecopetrol to Invest US$15bn Through 2020

Colombia's hydrocarbons regulator ANH and state oil company Ecopetrol plan to invest US$15bn through 2020 in exploration and development projects, ANH director Armando Zamora said at an oil and gas investment conference in Cartagena on May 20.

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.

About Business News Americas: Business News Americas is a multilingual news and business information service that covers the most important original stories in 11 different business sectors throughout Latin America everyday. Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports.

Click here for a Free two week trial to our Latin America Oil & Gas information service.