facebook
linkedin
twitter
About Us
  • BFSI
  • Energy
  • Infocom
  • Mining
  • Venture
  • Industry
  • Travel
  • Civic
  • Food, Health, Ag
  • Real Estate
  • Responsibility
  • Economy
  • Law & Justice
  • Interview
  • Analysis

Statement: Ecopetrol announces US$4.8 billion investment plan for 2016

Posted On December 22, 2015
By : Loren Moss
Comment: Off
Tag: cartagena, ec, ecopetrol, ecp, petrochemicals, refinery

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that its Board of Directors approved the Ecopetrol Group 2016 Investment Plan for US$4.8 billion.

The approved investment budget is in line with the new corporate strategy, and is attuned to the challenging situation of the international oil market. Accordingly, investments budgeted for 2016 will be 40% less than those that were planned for 2015.

The plan focuses on achieving greater efficiencies and profitability in all of the Ecopetrol Group’s areas, with an emphasis on capital discipline, cost reduction and efficiency.

Progress achieved in the Business Transformation Program will yield optimizations and projected savings ofUS$760 million in 2015.

These savings will be maintained for 2016 and additional cost reductions will be sought in dilution of heavy crudes, renegotiation of contracts, efficient management of corporate expenses and a culture of savings and austerity.

Ecopetrol Group investment plan will allow for maintaining average daily production of around 755 thousand barrels of oil equivalent (MBOED), of which 690 (MBOED) come from Ecopetrol S.A., figures similar to those reached in 2015.

Of the total investment approved of US$4.8 billion for the Ecopetrol Group, US$2,782 million will be invested in projects of Ecopetrol S.A., and US$2,018 million in projects of its affiliates and subsidiaries.

96% of the investments will be made in Colombia, and 4% abroad through affiliates of Ecopetrol S.A. The largest part of the investments will be allocated to more efficient production of crude oil and gas, evaluate recent exploratory discoveries, startup of the new Cartagena refinery, and strengthening transport capacity.

The investments that have been approved are broken down by segment below:

2016 Investment Plan of Ecopetrol S.A., Affiliates and Subsidiaries

Figures in Millions of US$

Business Area

Exploration

660

Production

2,337

Transport

473

Refining and Petrochemicals

1,044

Other

286

Total

4,800

The funds required for Ecopetrol S.A.’s US$2,782 million investment plan and the company’s contribution to investments in affiliates and subsidiaries in the amount of US$ 1,035 million, will come from internal cash generation, divestment of non-strategic assets and financing mechanisms. The Company has borrowing capacity, an investment grade rating, and access to capital markets in Colombia and abroad.

DON'T MISS OUT: The only English-language Colombia news that's strictly business, markets, & investment!
Join global executives & investors by subscribing to our FREE weekly updates
I agree to have my personal information transferred to MailChimp ( more information ) DISCLAIMER: Protección de Datos Personales Artículo 15 de la Constitución Política de Colombia, ley 1581 de 2012 y decreto 1377 de 2013.
We will never spam you or share your email address ¡Nunca Jamás!

Share the news!

  • Facebook
  • Twitter
  • Print
  • WhatsApp
  • LinkedIn
  • Skype

Related

Share your thoughts:

comments

About the Author
Loren Moss is the founder and publisher of Finance Colombia. He has over 20 years of international business experience, including over a decade of experience in securities, insurance, and commercial real estate, at the institutional and international level.
  • google-share
Previous Story

Law Firm Mergers: Dentons Signals Intent To Combine With Colombia’s Cardenas & Cardenas

Next Story

Fitch: Colombian, Peruvian Banks To See ‘Stable Profitability’ In 2016

Related Posts

BPro’s Bigger, More Comprehensive CX Summit Moves To Cartagena May 11th & 12th
0

BPro’s Bigger, More Comprehensive CX Summit Moves To Cartagena May 11th & 12th

Posted On April 12, 2022
, By Loren Moss
Photo © Loren Moss
0

Viva’s Aggressive Expansion Continues With New Colombian, International Destinations

Posted On April 5, 2022
, By Loren Moss
Ecopetrol oil and gas company headquarters in Bogotá, Colombia
0

Amazon AWS, Ecopetrol, Accenture Develop Open Source Smart Water Management Platform

Posted On April 4, 2022
, By Loren Moss




Search

RECENT

POPULAR

COMMENTS

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass

Colombian Leonor Espinosa Named "World's Best Female Chef"

Posted On May 18, 2022
Grand Bahamas photo © Loren Moss

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022
Colombia’s attorney general charged Russian national Sergein Vagin and six other people

Alleged Russian Spy Charged…With Running A Gambling Mafia

Posted On April 12, 2022

Viva Launches Nonstop Routes To Buenos Aires, Argentina From Medellín & Bogotá, Colombia

Posted On April 12, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Court Blocks Colombia’s $370 Million USD Emergency Loan To Bankrupt Avianca Airlines

Posted On September 12, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

AVIANCA IS BANKRUPT

Posted On May 10, 2020

[…] damn what she said. She and...

Posted On April 4, 2022

[…] by short sellers seeking to...

Posted On March 22, 2022

[…] no longer travel freely...

Posted On March 8, 2022

[…] Duque’s administration will...

Posted On March 8, 2022

[…] See also: 13 Police Injured In...

Posted On March 3, 2022

Watch This!

Consider Advertising With Us

Click here to visit Expat Group's English site

Subscribe Free

don't forget to include "http://"
* = required field
Your Background / Function








unsubscribe from list

RECENT

POPULAR

COMMENTS

The World’s 50 Best Restaurants today reveals Leonor Espinosa of Leo, Bogotá, as the 2022 winner of The World’s Best Female Chef Award, sponsored by Nude Glass

Colombian Leonor Espinosa Named "World's Best Female Chef"

Posted On May 18, 2022
Grand Bahamas photo © Loren Moss

Bahamas Seeks Air Connectivity With Colombia

Posted On May 18, 2022
Roberto Kriete, avianca's main shareholder and chairman of the Board of Directors.

Shareholders Of Viva, Avianca & Gol Announce The Creation Of Abra Group To Dominate South American Skies

Posted On May 11, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

[…] damn what she said. She and...

Posted On April 4, 2022

[…] by short sellers seeking to...

Posted On March 22, 2022

[…] no longer travel freely...

Posted On March 8, 2022

Watch This!

Contact Us (Click the image):

Pages

  • About Us
  • Colombia Events, Conferences, Festivals and Important Dates
  • Contact Us
  • main
  • Media Partnerships
  • Privacy Policy
  • Search Results
  • Whatsapp test page
Copyright 2014-2020 Finance Colombia All Rights Reserved. We may earn commissions from qualifying purchases.
Posting....
WhatsApp us