Colombia's Ecopetrol states board OKs $6.738 bill 2011 investing

Ecopetrol's board of directors has approved an investment prepare for 2011 of $6.738 billion, the Colombian state-led oil firm claimed Tuesday.

A contingent budget of $1.807 billion for projects still in advancement will certainly exist to Ecopetrol's board of supervisors for approval over the year, the business claimed in a declaration.

Of the possible $8.545 billion total for 2011, $1.512 billion is slated for "intercompany" payments and fundings to Ecopetrol's subsidiaries and affiliates, as well as does not include funds for feasible purchases, it stated.

Ecopetrol stated 95% of the investing will certainly remain in Colombia and also the remaining 5% is for exploration as well as production tasks along the United States Gulf Coastline, Brazil, as well as Peru.

Ecopetrol prepares invest $1.293 billion in 2011 to drill 40 exploratory wells, with 28 of them in Colombia, mainly in Llanos Orientales, et cetera along the USGC, Brazil, and also Peru, the business claimed.

Ecopetrol intends to continue work in all of its blocks in Colombia, including 10 lately approved by the National Hydrocarbon Firm, it stated. The company likewise plans to discover the advancement of non-conventional resources, such as shale gas, it said.

An additional $3.848 billion in costs is planned for continued crude and also gas production, expected to increase 24% from 2010 levels to 697,000 b/d of oil equivalent in 2011, Ecopetrol claimed.

A lot of the costs will certainly be for jobs in the Llanos Orientales, specifically heavy crude growth at the Castilla, Chichimene, as well as Rubiales fields, the business stated.

Ecopetrol has approximated $1.283 billion spendings in its refining as well as petrochemicals section, the majority of right into its "industrial solutions project," the planned innovation of its Barrancabermeja refinery, and also the growth and innovation of its Cartagena refinery.

Ecopetrol plans to invest $1.729 billion in 2011 in its transportation sector, "increasing unrefined emptying ability" by 450,000 b/d as well as thinning down naphtha to 90,000 b/d from 45,000 b/d. Both of these tasks will enable Ecopetrol to boost its production of heavy crude, it claimed.

In epoxy additives , Ecopetrol intends to boost framework at its Covenas port to increase the movement of VLCCs right into it.