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.
Visit BNamericas to access our real-time news reports, 10-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.
- Colombia's Ecopetrol Names New CEO, Echeverry Resigns (Aug 17)
- Colombia's Ecopetrol Rubiales Oil Output Hit By Protests (Jun 27)
- Rebel Bomb Attack Halts Colombia's Cano Limon Crude Pipeline (Jun 22)