Ecopetrol, Colombia's national oil and gas company, has approved the investment plan for 2014. Approved investments will amount to US$10,595m, of which US$6,463m will be invested by Ecopetrol and US$4,132m by affiliates and subsidiaries. 95% of the total investment will be held in Colombia and nearly 65% of the total investment will be allocated to exploration and production.
Ecopetrol and subsidiaries plan to invest US$1,560m in E&P. In 2014, Ecopetrol SA plans to drill 20 exploration wells in Colombia, 6 delimited wells and 8 stratigraphic wells. Moreover, 5 international exploration wells will be drilled in the Gulf Coast of Mexico (USA). Investments in production are expected to boost oil and gas output, targeted at 770,000 boe/d for Ecopetrol (819,000 boe/d for subsidiaries). Ecopetrol also plans to invest in downstream operations such as the modernisation of the Barrancabermeja refinery.