Ecopetrol Sets 2007 Capex at US$2.07bn

Colombia's state oil company Ecopetrol this year expects capex to reach US$2.07bn, up 64.5% from 2006, the company said in a presentation.

Ecopetrol in 2007 alone or in JVs plans to drill 13 exploratory wells compared to four last year with the aim of guaranteeing at least a 100% reserves replacement rate through 2011.

The replacement rate of company-owned reserves last year was 199%, with reserves of 1.75Bboe at end-2006.

Ecopetrol's direct crude output last year grew 19% to 157,000b/d compared to 2005, while the country's total crude production rose 0.57% to 529,000b/d in the period. The company spent US$823mn on production in 2006.

The company's goal is to produce 500,000boe/d in 2011.

Refinery usage reached 84.6% in 2006, with the refinery load reaching 312,000b/d, up 0.54% from 2005. Ecopetrol this year expects the refinery load to reach 307,000b/d.

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