BOGOTÁ, Colombia, Nov. 21, 2016 /CNW/ -- Ecopetrol S.A. (BVC:
ECOPETROL; NYSE: EC) ("Ecopetrol") reports that its Board of
Directors has approved an investment plan for approximately
USD 3,500 million for 2017.
This plan addresses the goals set forth in the 2020 Business
Plan, allocating more than 80% of investments to profitable
exploration and production projects.
Exploration and production projects will largely focus on
developing key production assets and identifying Colombian onshore
and offshore resources, maintaining our position in foreign
assets.
More than 95% of investments will be made in Colombia, with the remainder made abroad.
The investments of the Ecopetrol Group are broken down by
segment below:
USD millions
|
|
Investments 2016*
(E)
|
|
Investments 2017*
(P)
|
Production
|
|
1,116
|
|
2,200
|
Exploration
|
|
282
|
|
650
|
Downstream
|
|
1,135
|
|
360
|
Midstream
|
|
433
|
|
265
|
Corporate
|
|
34
|
|
25
|
Total
2017
|
|
3,000
|
|
3,500
|
* Rounded
figures
|
|
|
|
|
(E):
Estimate
|
|
|
|
|
(P):
Projected
|
|
|
|
|
|
|
|
|
|
The midstream and downstream segments will complete ongoing
projects and required maintenance, ensuring reliable, efficient and
safe operations.
The funds required to finance the Ecopetrol S.A. investment plan
will come from internal cash generation, with no need to
incorporate additional net financing.
Under this plan, the Ecopetrol Group will continue to
demonstrate its commitment to ethics, clean and safe operations and
stronger ties to communities. Our operations will continue to give
priority to excellence in HSE, our ongoing promotion of employee
satisfaction and our commitment to development by all of our
employees and stakeholders. Innovation and knowledge generation
will be levers for growth.
This release contains statements that may be considered
forward looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933 and Section 21E of the U.S. Securities
Exchange Act of 1934. All forward-looking statements, whether made
in this release or in future filings or press releases or orally,
address matters that involve risks and uncertainties, including in
respect of the Company's prospects for growth and its ongoing
access to capital to fund the Company's business plan, among
others. Consequently, changes in the following factors, among
others, could cause actual results to differ materially from those
included in the forward-looking statements: market prices of oil
& gas, our exploration and production activities, market
conditions, applicable regulations, the exchange rate, the
Company's competitiveness and the performance of Colombia's economy and industry, to mention a
few. We do not intend, and do not assume any obligation to update
these forward-looking statements.
For further information, please contact:
Head of Corporate Finance and Investor Relations
María
Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
e-mail: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.