Ecopetrol SA, Colombia’s state-controlled oil company, said it will invest $10.6 billion next year to boost output to 819,000 barrels per day.
Ecopetrol will spend $1.56 billion on exploration and $5.04 billion on production during 2014, according to a regulatory filing today. The company aims to increase production 2.6 percent from this year’s target of 798,000 barrels of oil equivalent per day.
Ecopetrol said it has access to debt and equity markets both in Colombia and abroad and that its financing needs will depend in part on price trends and the execution of its budget including potential acquisitions.
The company’s shares have declined 24 percent this year, the worst performer on the country’s benchmark Colcap index after Avianca Holdings SA.